Posted on: April 22, 2026, 09:28h.
Last updated on: April 22, 2026, 09:30h.
- Trump Media has parted ways with Devin Nunes as CEO
- Trump Media hasn’t launched its prediction market six months after announcing Truth Predict
- Trump Media has lost $6 billion in investor value over the past year
Trump Media & Technology Group (TMTG) has parted ways with its longtime chief executive officer, former US Rep. Devin Nunes (R-CA).
Nunes, a Trump loyalist who played a key role in defending the president during his first impeachment in 2019, resigned from Congress in December 2021 to assume the role of CEO of Trump Media in January 2022.
Nunes was compensated $47 million in 2024 alone, but the media company, formed by the Trump family after the president was kicked off X, then known as Twitter, following the US Capitol events on Jan. 6, 2021, has seen more than $6 billion in investor wealth wiped out over the past year.
Trump Media Board Director Donald Trump Jr. named Kevin McGurn as interim CEO, effective immediately.
I want to thank Devin Nunes for his dedicated service to the company over the past four years, and congratulate Kevin McGurn on his appointment as interim CEO,” said Trump Jr. “Kevin brings deep experience across media, technology, and capital markets, as well as a strong understanding of Trump Media’s operations and strategic priorities.”
A telecommunications and advertising technology veteran, McGurn has served as an advisor to Trump Media since December 2024.
Trump Prediction Market
Trump Media’s primary business holding remains its Truth Social platform, where President Donald Trump regularly posts. TMTG established Truth Social as a “safe harbor for free expression amid increasingly harsh censorship by Big Tech.”
Elon Musk’s acquisition of Twitter and rebranding the platform to X presumably hurt Truth Social’s prospects. While Musk invited Trump back to X, the president has largely kept to Truth Social.
TMTG’s other holdings include Truth+, a streaming service focused on family-friendly programming, and Truth.Fi, a financial services and FinTech brand.
Many recent investors in Trump Media bought shares on the belief that the company’s entry into prediction markets would be a winning endeavor. Truth Social announced a partnership with Crypto.com, a registered exchange and clearing house with the Commodity Futures Trading Commission, in October.
“We are thrilled to become the world’s first publicly traded social media platform to offer our users access to prediction markets,” Nunes said at the time. “Truth Predict will allow our loyal users to engage in prediction markets with a trusted network while harnessing our social media platform to provide totally unique ways for users to discuss and compare their predictions.”
Truth Predict
A half-year later, Truth Predict hasn’t launched. Trump Media has provided no update on its progress or possible debut.
Trump Jr. said McGurn’s “familiarity with the company … uniquely positions him to guide Trump Media through this important period.”
Prediction markets are experiencing record trading, with investment bank Bernstein forecasting total volumes to reach $1 trillion annually by 2030. Of course, the figure is heavily dependent on whether the CFTC under future administrations will be as supportive of prediction markets as the federal agency is today under Trump.
