Trump Media, the parent company that owns Truth Social, filed a formal complaint with Nasdaq, expressing concern about the potential impact of stock price manipulation.
DJT, a stock on this platform, has actually performed well recently, all things considered.Stocks went up 45.3% this weekThis was the biggest gain in nearly a month, MarketWatch wrote. DJT’s best days came shortly after it merged with a blank check company. Become a listed company March. However, it has suffered repeated declines in value since then. CNN It is reported that It is currently down about 50% from last month’s all-time high.
The company has now sent a letter to Nasdaq’s top executives expressing concerns that “potential market manipulation” is affecting its stock price. lettersent on Thursday and published on Friday. SEC filingwas written by Devin Nunes, a former congressman, member of President Trump’s transition team, and current CEO of Trump Media. The letter from Nunez reads:
I am aware of the potential market manipulation of the shares of Trump Media & Technology Group Corporation (“TMTG”), which operates the Truth Social platform and has been trading on the Nasdaq Stock Market under the ticker “DJT” since March 26th. I wrote this letter to draw your attention to. As you know, “naked” short selling, or selling stocks without first borrowing stocks that may be difficult to find, is generally illegal under Securities and Exchange Commission (“SEC”) Regulation SHO.
SEC announces naked short selling May cause harm to affected companies. The letter notes that as of Wednesday, DJT was on Nasdaq’s “Reg SHO threshold list” that “indicates illegal trading activity.”like that listis a regulatory requirement and may indicate an “improper naked short sale.” Investopedia claims.
The letter also states that data “made available” by the Trump Media and Technology Group shows that “just four market participants were responsible for more than 60% of the unusually high volume of trading in DJT stock. Citadel Securities, VIRTU Americas, G1 Execution Services, and Jane Street Capital. Nunes’ letter concludes that this is “particularly troubling given that ‘naked’ short selling often involves sophisticated market participants profiting at the expense of retail investors.” There is.
In response to this claim, Citadel Securities slammed Nunes in a statement distributed to the press. “Devin Nunes is the proverbial underdog who tries to blame ‘naked short sellers’ for the decline in stock prices,” the company forwarded to Gizmodo in a statement. “Nunez is exactly that type of person.” donald trump It would fire on The Apprentice.If he [Nunes] If he worked at Citadel Securities, we would fire him because competency and integrity are at the center of everything we do. ”
ah. I don’t know if you’ve ever read a company’s press release that looked like it was written in a dorm room. My condolences, Devin.
The stock rose more modestly after Trump Media filed its complaint on Friday, rising 12% before returning to a 2% gain. Market Watch Report.
Gizmodo has reached out to TMTG, Virtu, Jane Street Capital, and Susquehanna International Group, which owns G1X and Nasdaq, for comment. We will update this story once we hear back from them.
