(Bloomberg) — Truth Social has rarely been more important on Wall Street, where traders hang on White House posts that can send the market tumbling or soaring back up again. The company’s stock, though, is much less in vogue.
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Trump Media & Technology Group Corp.’s struggle to parlay the president’s power into a successful social-media company was underscored by the departure late Tuesday of Chief Executive Officer Devin Nunes, a dairy-farmer-turned-MAGA-congressman who was plucked to lead the upstart a little over four years ago.
The company hasn’t gone the way of Trump steaks, Trump Shuttle or Trump University. But after a promising early run — when meme-stock types hoping for a big score pushed the shares of the shell company that was bringing it to market to as much as $97.54 in early 2022 — it has since tumbled some 90% as it lost hundreds of millions of dollars and only managed to bring in $3.7 million of annual revenue.
On Wednesday, Trump Media fell 1% to $9.73, not far from last month’s record low, leaving it with a market value of around $2.7 billion.
“One can argue that the stock is actually performing somewhat decently considering its fundamentals,” said Steve Sosnick, chief strategist at Interactive Brokers. “It’s difficult to imagine any CEO remaining unscathed.”
Trump Media is part of a cohort of MAGA-linked stocks that have subsequently petered out. GrabAGun Digital Holdings Inc. and American Bitcoin Corp., both of which have ties to the Trump family, have dropped sharply. Ditto Phunware Inc., a money-losing software company that designed the app for Trump’s 2020 campaign, and PSQ Holdings Inc., which had launched an online marketplace aimed at “freedom-loving Americans.”
Trump Media is the parent of the social-media network that President Donald Trump formed after being kicked off of Twitter following the 2021 riot by his supporters in the Capitol. In his second term, Trump has used the site to roll out policies, negotiate with other nations and announce the latest moves in his war against Iran — often spurring swings across equity, bond and commodity markets.
But beyond that, it never really caught on, and even Trump’s posts quickly pop up on other sites like Elon Musk’s X. Its stock slid over 60% last year, despite Trump’s return to the Oval Office. Trump Media went on to branch into new ventures in prediction markets, cryptocurrencies, investing and even nuclear fusion, through a planned combination with TAE Technologies Inc.
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None of it has managed to keep the interest of individual investors. In November 2024, the month Trump won reelection, net buying by the group averaged more than $2 million a day, data from Vanda Research show. Over the month ending Tuesday, they were net sellers to the tune of about $7,000 a day.
“DJT stock has uncoupled from Trump at this point,” said Matthew Tuttle, chief executive officer of Tuttle Capital Management, which along with Rex Shares runs an exchange-traded fund offering double the daily gain or loss in Trump Media’s stock. “Nothing he does as president has a direct impact and I think the memeyness of the stock is pretty much gone at this point.”
Nunes was awarded $47 million in compensation for 2024, the bulk of which was in restricted stock. The firm’s proxy filing detailing 2025 pay hasn’t yet been made public.
The company announced that he was out of the role in a statement that thanked him but did not give a reason for his departure. Kevin McGurn, who has previously held roles at T-Mobile US Inc., Vevo and Hulu, will act as interim CEO.
“I look forward to building on the strong foundation established by the team,” McGurn said in a statement provided by a company representative. “I am committed to delivering long-term value for shareholders while continuing to strengthen and scale the Truth Social and Truth+ platforms.”
McGurn sits in a position of power in at least one other business in the Trump family’s orbit. He is the CEO of a blank-check company that Eric Trump and Donald Trump Jr. advise, according to a filing last year. That special-purpose acquisition company, called New American Acquisition I Corp., said it’s looking to take over a US-based manufacturer.
Nunes said on Truth Social that it was the “appropriate time” for McGurn to lead the company through a transition period, which would allow Nunes to focus on other roles, including leading an intelligence advisory group. The company representative pointed Bloomberg to that statement and didn’t comment further.
–With assistance from Vildana Hajric, Annie Massa, Michael J. Moore and Bailey Lipschultz.
(Updates shares in fourth paragraph and chart; adds market value in fourth paragraph, retail flows in ninth, Nunes’ pay in 11th.)
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