How Much Devin Nunes Earns Running Trump's Truth Social

Forbes

The former Republican Congressman has cashed in as CEO of Trump Media & Technology Group despite the fact it’s losing money and the stock has sunk.  Read the full story on Forbes: https://www.forbes.com/sites/zacheverson/2024/10/14/devin-nunes-earned-running-truth-social-trump-media/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Here's your Forbes Daily Briefing for Thursday, October 17.

00:05Today on Forbes, how much Devin Nunes has earned running Truth Social.

00:11For many investors, Trump Media and Technology Group has been a disaster.

00:16Since peaking at $79.38 in March, the stock has cratered 62% to $29.95 even after a recent

00:25resurgence.

00:26Trump Media, having already burned through $58.2 million in 2023, reported a further

00:33$16.4 million quarterly loss in August, half of which it attributed to legal expenses.

00:39Yet, the company has been a cash cow for at least one former dairy farmer, CEO and former

00:45congressman Devin Nunes.

00:48Since leaving the House of Representatives to take over Trump Media in January 2022,

00:53Forbes estimates that Nunes has raked in roughly more than $2 million in salary, $600,000

00:59in cash bonuses, and shares worth another $3.2 million.

01:05He's even pulled in some $230,000 in housing stipends on the company dime, according to

01:10an analysis of public filings.

01:13Add it all up, and Forbes estimates that Nunes has made roughly $6.3 million, about 13 times

01:19as much money running Trump's tottering social media company than he would have made if he

01:24stayed in Congress.

01:26Nunes was earning $174,000 as a 10-term member of the House, representing a rural California

01:32district, when Trump tapped him to be the CEO and a director of Trump Media, the parent

01:37company of Truth Social, in December 2021.

01:41In an announcement at the time, Trump said, quote,

01:44Congressman Devin Nunes is a fighter and a leader.

01:47Devin understands that we must stop the liberal media and big tech from destroying the freedoms

01:51that make America great.

01:54Nunes, one of Trump's staunchest defenders in the chamber, resigned on January 1, 2022.

02:01His contract with a former president's firm took effect the following day.

02:05Prior to helming Trump's company, the business experience of the then-48-year-old Republican

02:10appears to have been limited to working on his family's dairy farm.

02:14But as Trump Media told would-be investors, Nunes', quote, leadership experience, familiarity

02:20with public scrutiny, and media savvy, add unique and significant value.

02:25He didn't come cheap.

02:27When Nunes started at Trump Media, then a private company aiming to merge with a public

02:31shell corporation named Digital World Acquisition Corp., he took a $750,000 salary that was

02:38set to increase to $1 million in his third year on the job.

02:42He was also awarded 145,000 restricted stock units, according to filings with the Securities

02:47and Exchange Commission.

02:49The salary alone was more than four times what Nunes earned annually in Congress.

02:54Nunes' employment agreement came with perks, including commonplace benefits such as health

02:59and dental insurance, plus an annual housing stipend of $84,000.

03:04Nunes also was eligible for an annual bonus at the board's discretion.

03:08By early 2024, as the merger to take Trump Media public was finally on the cusp of gaining

03:13SEC approval, Nunes restructured his employment deal.

03:17Filings released in February revealed that he and other Trump Media executives agreed

03:21to forgo their restricted stock units upon completion of the merger in exchange for cash

03:26retention bonuses.

03:28In Nunes' case, that meant $600,000 cash, payable in a lump sum within 30 days of the

03:34deal closing.

03:36Nunes still would have some equity in the combined company coming his way, too.

03:40Trump Media disclosed that it planned to issue Nunes an executive promissory note of $1.15

03:45million, which would convert to 115,000 shares, or 0.3% of the combined company, once it went

03:52public.

03:53Shares listed under the ticker DJT soared the day Trump Media began trading on the Nasdaq

03:58in March.

03:59Nunes suddenly found himself at the helm of a company worth almost $8 billion.

04:05Nunes then watched the value of the stock sink 70% through August, when his lockup expired.

04:11On August 22, he and a few of his colleagues sold some stock to cover tax withholding payments,

04:17according to SEC filings.

04:19Nunes ditched 28,000 shares, worth $632,000.

04:24His 87,000 remaining shares are now worth $2.6 million, down from $6.9 million at the

04:31March peak.

04:33For full coverage, check out Zach Everson's piece on Forbes.com.

04:39This is Kieran Meadows from Forbes.

04:41Thanks for tuning in.

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