We haven't heard much from blowhard former Republican Congressman Devin Nunes the past few years, and that's because he's been busy losing over a billion dollars over at Trump Media & Technology Group.
As I wrote when Nunes took the job in late 2021, "By [Trump's] side, at least until he's fired, will be one of his most loyal yap dogs, Rep. Devin Nunes, who we now learn is quitting Congress to become the CEO of Trump's new media company."
That company became Trump Media & Technology Group (TMTG), it went public in March 2024, and now Nunes is in fact getting fired because the company is bleeding money, and its valuation is a fraction of what it was two years ago.
As CBS News reports, Trump Media announced Wednesday that Nunes is out and will be replaced by interim CEO Kevin McGurn, who has his work cut out for him to turn around the sinking ship that is Trump Media & Technology Group.
The company, valued at $10 billion when it IPO'd in March 2024, has seen its stock price slide 58% and it's now valued at around $2.7 billion. And the company's primary venture Truth Social, despite being Trump's preferred mouthpiece, is hardly used by anyone else and therefore can't attract many advertisers.
According to the company's annual report, it has lost over $1 billion since going public.
Remember when Devin Nunes, then a House Rep from Fresno, sued Twitter in 2019 over two parody accounts that were established to mock him and his blind loyalty to Trump, including one called Devin Nunes' Cow? That should have told us all we needed to know about Nunes and his social meda savvy — the lawsuit basically called more attention to the parody account than it ever would have had otherwise, i.e. Streisand Effect.
It's somewhat surprising that TMTG has any money or value at all, but it might just be an elaborate money-laundering scheme involving Russians, and/or just another crypto scheme.
Then in December, the company announced that it was merging with TAE Technologies, a nuclear fusion power company, creating "one of the world's first publicly traded nuclear fusion companies." The play was seen as one that positions TMTG as a potential generator of power for the power-hungry AI industry, but it's not clear where all that stands.
President Trump remains the largest shareholder in TMTG, though his shares were transfered into a trust that's being managed by Donald Trump Jr. — as a way to pretend there's no conflict of interest there.
Anyway, Devin Nunes needs a job! California Republicans are about to lose several of their remaining House seats thanks to Prop 50, so maybe another state wants him?
And Devin Nunes' Cow, the Xitter account, remains alive and well.
Previously: Devin Nunes Bets It All On Trump and His Twitter Knockoff, Quits the House
Top image: U.S. Rep. Devin Nunes (R-CA) and Republican presidential candidate, former U.S. President Donald Trump stand on the third day of the Republican National Convention at the Fiserv Forum on July 17, 2024 in Milwaukee, Wisconsin. Delegates, politicians, and the Republican faithful are in Milwaukee for the annual convention, concluding with former President Donald Trump accepting his party's presidential nomination. The RNC takes place from July 15-18. (Photo by Alex Wong/Getty Images)
