Trump Media & Technology Group (NASDAQ:DJT) appointed Kevin McGurn as its interim Chief Executive Officer on Tuesday, succeeding former congressman Devin Nunes, who has led the Truth Social parent since 2022.
McGurn, a seasoned executive with past roles at Hulu, Vevo, and T-Mobile US Inc. (NASDAQ:TMUS), has been advising Trump Media since December 2024.
In a statement, McGurn said the company is "poised to take off." He added that Truth Social embodies President Donald Trump's distinctive vision and represents an exceptionally powerful and influential brand and voice.
Meanwhile, Nunes, in a statement on Truth Social, expressed his faith in McGurn’s leadership, highlighting his extensive experience in media, mergers, and acquisitions.
Nunes also noted that his exit from the CEO role at TMTG will enable him to concentrate on his position as Chairman of the President's Intelligence Advisory Board and other ventures.
Trump Media & Technology did not explain the reason behind Nunes’ departure or provide any timeline for appointing a permanent replacement.
TMTG Restructures Amid Expansion Push
This leadership transition comes at a pivotal time for TMTG. In February, TMTG explored a spin-off of Truth Social, which Trump frequently uses to make major political and personal announcements
The spin-off was intended to distribute shares to TMTG shareholders before merging with TAE, creating distinct strategies for the newly formed companies. The existing businesses and assets of TMTG would remain with the public company following the spin-off.
In December, the company announced a $6 billion all-stock merger with TAE Technologies, Inc.. The merger aimed to leverage TAE’s leading technologies with TMTG’s robust balance sheet, despite the company’s long-term debt of $946.08 million.
The company has recently expanded into cryptocurrency and prediction markets, online platforms where users bet on outcomes in sports, entertainment, and politics. For the full year 2025, the company posted a $712.3 million net loss. However, it ended the year with over $1 billion on hand, including roughly $700 million in cash and cash equivalents.
DJT Price Action: Over the past year, the stock plunged 58.48%, as per Benzinga Pro. On Tuesday, it fell 3.73% to $9.82.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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