Devin Nunes Departs Trump Media After 4 Years as C.E.O.
The New York Times • • business
Key Points:
- Trump Media & Technology announced the replacement of CEO Devin Nunes, a former Republican congressman, without providing a reason for his sudden departure.
- Donald Trump Jr., a board member and overseer of his father's shareholding, made the announcement; President Trump is not an officer or director of the company.
- Nunes stated it was the right time for new leadership with media and mergers experience to guide the company through its transition phase.
- Trump Media has faced significant financial losses, including a $712 million net loss in 2023, and its stock price has fallen from $58 at IPO to $9.82.
- Kevin McGurn, a former Hulu executive and adviser to Trump Media, will serve as interim CEO; the company is also exploring mergers, including a fusion power company deal and a potential spin-off of its Truth Social platform.
