Former Republican Congressman Devin Nunes has been cashing in as the CEO of Trump Media & Technology Group, despite the company experiencing financial difficulties. The stock has plummeted 62% since March, even after a recent revival. Trump Media reported a $16.4 million quarterly loss in August, with half of that attributed to legal expenses. Despite this, Nunes has made an estimated $6.3 million in salary, bonuses, and stock since taking over the company in January 2022. This is significantly more than the $174,000 annual salary he earned as a member of the House of Representatives.
Nunes’ background prior to leading Trump Media was primarily in politics, representing a rural California district in the House of Representatives for ten terms. Trump Media saw value in Nunes’ “leadership experience, familiarity with public scrutiny, and media savvy,” according to an analysis of public filings. Nunes’ contract with Trump Media included a $750,000 salary that was set to increase to $1 million in his third year, as well as over 145,000 restricted stock units. The merger process to take Trump Media public was delayed due to government inquiries, but this did not impact Nunes’ compensation.
In early 2024, as the merger was on the brink of SEC approval, Nunes restructured his employment deal and agreed to forego his restricted stock units in exchange for a cash retention bonus of $600,000. After Trump Media went public, Nunes saw the value of his stock decrease significantly, prompting him to sell some shares to cover tax payments. Despite this, Nunes remains involved in expanding Trump Media’s offerings, including launching a streaming service and a content delivery platform. He has also been advocating for government action against short sellers whom he believes are manipulating the market.
While there have been concerns raised internally about Nunes’ leadership at Trump Media, the company has denied any allegations of misconduct. Trump Media’s SEC filings indicate that Nunes was due for a pay increase to $1 million in 2024. Nunes’ total compensation from Trump Media through September 2023 is estimated to be around $6.3 million, including salary, bonuses, housing allowances, and stock gains. Nunes’ congressional campaign still has significant funds, totaling $13.8 million, almost three years after leaving office.
In November 2023, Trump Media sued 20 media outlets, including Forbes, for reporting on their financial results while still a private company. The defendants have filed a motion to dismiss the claims. Despite the challenges faced by Trump Media, Devin Nunes continues to lead the company and remains focused on its growth and success, even as questions are raised about his performance and management style.
