Devin Nunes steps down as head of Truth Social after steep losses

Devin Nunes is stepping down as CEO of Trump Media, the company behind Truth Social, after a rocky stretch that saw the platform rack up more than $1.1 billion in losses since going public two years ago. The announcement, confirmed by the company, marks the end of Nunes's tenure at the helm of the conservative social media venture, which was launched as a rival to mainstream platforms but has struggled to attract users and maintain financial stability.

Truth Social's stock has tumbled 58% over the past 12 months, and at times has dropped as much as 90% from its peak, according to market data. While the platform still draws attention whenever Donald Trump posts, that buzz hasn't translated into sustainable growth or profitability. Wall Street analysts say the company lacks a clear revenue model, and its user base remains small compared to competitors like X or Facebook.

Kevin McGurn, a veteran communications strategist who has worked closely with Trump for years, will take over as interim CEO. Trump Media said the leadership change is part of a broader effort to refocus the business and improve performance. The company has also faced scrutiny over its use of cryptocurrency, particularly the DJT token, which has drawn skepticism from investors and regulators alike.

Nunes, a former California congressman and dairy farmer, was an unconventional pick to run a tech startup. His background was in politics, not social media or software, and critics questioned his qualifications from the start. Supporters argued he brought loyalty and a deep understanding of the conservative base - assets they believed mattered more than tech experience.

Still, the financial results have been hard to ignore. Despite bursts of activity during political events, Truth Social has failed to build consistent engagement. Advertisers have been hesitant to join, and the app has faced technical issues and low download numbers outside of election cycles.

The broader market for so-called "MAGA stocks" has cooled significantly in 2026. Once seen as high-risk, high-reward plays tied to Trump's political influence, many of these companies are now viewed with caution. Investors appear to be distinguishing more clearly between political momentum and actual business fundamentals.

Whether McGurn can turn things around remains to be seen. For now, the focus is on stabilizing the company and restoring some confidence among shareholders. But with competition fierce and user habits hard to shift, the road ahead looks steep.