Former President Donald Trump’s social media platform Truth Social issues a statement after Florida-based marketing firm Citadel Securities slams Trump Media CEO Devin Nunes as a “proverbial loser.” announced.
A statement from Truth Social reads:
Citadel Securities has been fined and prosecuted for an incredibly wide range of crimes, including issues related to naked short selling, and has been globally accused of defrauding everyday retail investors at the behest of other companies. It is a famous giant corporation and the last one on earth. That should give everyone a lecture on “integrity.”
of statement The article, published Friday by Truth Social, was published after Citadel Securities responded. letter Mr. Nunes sent a letter to Nasdaq CEO Adena T. Friedman on Thursday warning that illegal “naked” short selling was taking place.
House Minority Leader Kevin McCarthy (R-Calif.) (left) looks on after signing a presidential memorandum focused on providing more water to farmers in central California. U.S. President Donald Trump (center) shakes hands with Congressman (R-Calif.) Valley during a meeting in Scottsdale, Arizona, on October 19, 2018. (Photo credit: NICHOLAS KAMM/AFP via Getty Images)
Short selling is a way to make a profit by betting that a stock’s price will fall.A naked short sale is when an investor sells a stock that he or she does not owe or own, and is generally Banned.
In his letter, Nunes wrote:
I am alert to potential market manipulation for the stock of Trump Media & Technology Group Corp. (“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 pay. , 2024.
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. As of April 17, 2024, DJT is listed on Nasdaq’s Reg SHO Threshold List. ” This indicates illegal trading activity. This is particularly problematic given that “naked” short selling often involves sophisticated market participants profiting at the expense of retail investors.
In an effort to address short selling and naked short selling, Trump Media and Technology Group has provided guidance and Instructions For investors in the company, we explain how to require or prevent brokers from lending Truth Social stock to short sellers.
Nunes added in the letter that there were four companies that were “responsible for more than 60% of the unusual amount of DJT stock” being traded, and added that there were four companies that were “responsible for more than 60% of the unusual amount of DJT stock” being traded. They are asking whether such “measures” can be taken.
The four companies are comprised of Citadel Securities, VIRTU Americas, G1 Execution Services, and Jane Street Capital.
Citadel Securities previously sued, along with stock market trading app Robinhood, regarding allegations from investors that Citadel Securities and Robinhood prevented investors from trading GameStop stock. This lawsuit is fired In November 2021.
Truth Social’s statement was issued in response to a statement issued by Citadel Securities. statement Writing for CNBC, Nunes was accused of “trying to blame the decline in stock prices on ‘naked short selling.'”
“Devin Nunes is the proverbial underdog who tries to blame the decline in stock prices on ‘naked short sellers,'” the statement to CNBC read.
Citadel Securities’ statement continued.
“Nunez is exactly the type of person Donald Trump would fire on ‘The Apprentice.’ If he worked at Citadel Securities, we would fire him. Competence and integrity are what we Because it is the center of all our actions.
Citadel Securities’ statement condemning Nunes comes in the wake of Trump Media & Technology Group’s recent merger with Digital World Acquisition Corporation (DWAC), a special acquisition company (SPAC). . The merger will free up significant resources for Truth Social to expand.
