Published on: April 22, 2026, 09:28h.
Updated on: April 22, 2026, 09:30h.
- Devin Nunes has been removed from his position as CEO of Trump Media
- Truth Predict, the company’s prediction market, has yet to launch six months after its announcement
- Trump Media has seen a decline of $6 billion in investor valuation over the past year
Trump Media & Technology Group (TMTG) has ended its relationship with Devin Nunes, the former U.S. representative who has been the CEO since early 2022.
Nunes, a staunch supporter of Trump, stepped down from his congressional role in December 2021 to become the CEO of Trump Media in January 2022.
In 2024 alone, Nunes received a compensation package amounting to $47 million. However, the media group, established by the Trump family following the former president’s exile from X (formerly Twitter) post-January 6, 2021, has seen over $6 billion in investor wealth vanish in the last year.
Kevin McGurn has been appointed as the interim CEO by Donald Trump Jr., a director on the Trump Media Board, effective immediately.
“I extend my gratitude to Devin Nunes for his commitment to the company over the last four years, and I congratulate Kevin McGurn on his new role as interim CEO,” Trump Jr. stated. “Kevin possesses extensive experience across media, technology, and capital markets, along with a solid understanding of Trump Media’s operations and strategic objectives.”
A seasoned professional in telecommunications and advertising technology, McGurn has been advising Trump Media since December 2024.
Trump Prediction Market
The primary asset of Trump Media remains its Truth Social platform, where former President Donald Trump is an active contributor. TMTG launched Truth Social as a “refuge for free expression” amid growing censorship concerns from major tech firms.
The acquisition of Twitter by Elon Musk and its subsequent rebranding to X likely impacted Truth Social’s growth potential. Although Musk has allowed Trump back on X, the former president continues to predominantly use Truth Social.
Other ventures under TMTG include Truth+, a streaming service aimed at family-friendly content, and Truth.Fi, a financial services and FinTech initiative.
Numerous recent investors in Trump Media were attracted by the anticipated launch of its prediction markets. Back in October, Truth Social announced a partnership with Crypto.com, a registered exchange and clearing house approved by the Commodity Futures Trading Commission.
“We are excited to be the first publicly traded social media platform to grant users access to prediction markets,” Nunes commented at the time. “Truth Predict will empower our dedicated users to participate in prediction markets through a reliable network, enabling unique discussion and comparison of their predictions on our platform.”
Truth Predict
However, six months have passed, and Truth Predict has yet to materialize. Trump Media has not provided any updates on its launch or development progress.
Trump Jr. expressed confidence in McGurn’s capability, stating that his “familiarity with the company … uniquely positions him to steer Trump Media during this pivotal phase.”
Prediction markets are reportedly experiencing record levels of trading activity, with investment bank Bernstein projecting that total trading volumes could reach $1 trillion annually by 2030. This estimation heavily relies on the support of the CFTC under various future administrations, akin to the current agency stance under Trump.