Devin Nunes has stepped down as CEO of Trump Media & Technology Group (TMTG), the parent company of Truth Social, effective April 24, 2026. Nunes, a former Republican congressman from California, had held the position since 2022. The company announced his departure in a regulatory filing, stating that Nunes will remain on the board of directors.
According to TMTG's 2025 annual report, the company reported revenue of $3.6 million for the fiscal year ending December 31, 2025, a significant drop from $4.1 million in 2024. This came after earlier projections by the company had suggested revenue could reach hundreds of millions of dollars. The actual revenue was 99.8% below the high end of those projections, according to financial analysts who reviewed the filings.
The company's stock price has also declined sharply since its public debut in March 2024, falling from around $70 per share to under $20 by early 2026. TMTG has yet to report a quarterly profit since its inception.
Nunes's resignation comes amid ongoing legal and financial challenges for the company, including a lawsuit from former employees and regulatory scrutiny over its merger with Digital World Acquisition Corp. The company has not yet named a permanent replacement for Nunes.
