Former Republican Congressman, Devin Nunes, has found financial success as the CEO of Trump Media & Technology Group, despite the company facing financial difficulties. The company’s stock has plummeted 62% since March, and it reported a $16.4 million quarterly loss in August. Despite this, Nunes has cashed in, earning an estimated $6.3 million in salary, bonuses, and stock gains since taking over the company in January 2022.
Nunes, who previously earned $174,000 a year as a Congressman representing a rural California district, was tapped by Trump to lead his media company in December 2021. Prior to this role, Nunes’ business experience was limited to working on his family’s dairy farm. However, Trump Media saw value in his leadership experience and media savvy. Nunes started with a $750,000 salary, which was set to increase to $1 million in his third year on the job, along with other perks such as a housing stipend.
The company’s merger with a public shell corporation faced multiple government inquiries, which slowed down the process. However, by early 2024, Nunes and other executives agreed to forgo their restricted stock units in exchange for cash retention bonuses upon completion of the merger. Nunes also stood to receive equity in the combined company once it went public. When Trump Media began trading on the NASDAQ in March, Nunes found himself at the helm of a company worth almost $8 billion, but the stock soon plummeted, with Nunes’ remaining shares dropping in value.
Despite the company’s financial struggles, Nunes has been active in launching new products and services, such as a content delivery platform and streaming service. He has also been vocal about his efforts to combat short sellers and has reached out to his former Republican colleagues in the House for assistance in investigating market manipulation. However, some of Nunes’ underlings have raised concerns about his performance, with two C-suite executives being forced out of the company recently. Trump Media disputes these allegations and maintains that they adhere to all laws and regulations.
Nunes’ compensation from Trump Media through September 2024 totals around $6.3 million, including salary, bonuses, housing allowances, and stock gains. Despite his success with the company, Nunes’ Congressional campaign still holds $13.8 million in cash three years after he left office. Trump Media has also filed lawsuits against several media outlets, including Forbes, for reporting on their financial results while still a private company, with the defendants moving to dismiss the claims. The future of Trump Media remains uncertain amidst financial challenges and internal concerns about Nunes’ leadership.
