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Top Executives of Trump Media & Technology group, the parent company of the former president’s social media app Truth Social, have officially requested Congress investigate what it terms “potential manipulation” of its stock price. 

This request was formalized in a letter sent by the company’s CEO, Devin Nunes, to the Republican chairs of key House committees. 


Nunes’ letter addressed concerns over illegal “naked” short selling practices, where traders sell shares they have not yet borrowed, potentially driving down stock prices. He noted that Trump Media stock has consistently appeared on Nasdaq’s threshold list for unusual short selling activities since April 2. On April 3, the company’s stock was even listed as the most costly to short in the US markets, suggesting a significant financial incentive for brokers to lend non-existent shares.

According to Nunes, this situation may involve sophisticated market players profiting unfairly at the expense of ordinary investors. He wrote, “This is particularly troubling given that ‘naked’ short selling often entails sophisticated market participants profiting at the expense of retail investors.” Nunes also pointed out that just four companies were responsible for over 60% of the high volume of traded DJT shares, indicating a concentrated pattern of trading activity.

One of the implicated companies, Citadel Securities, responded by labeling Nunes as “the proverbial loser who tries to blame ‘naked short selling’ for his falling stock price.” They added it was an “unhinged attack” on their company. Meanwhile, Trump Media accused Citadel Securities of lacking integrity, citing the company’s history of fines for offenses including naked short selling.

Citadel Securities Ticker Nyse 1550 Main I

This comes as Trump Media’s share prices have shown significant volatility. After a strong debut last month with shares initially priced at $79, the stock has since plummeted, reaching a low of about $23 per share last week.  


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