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Trump stock, DJT | Fox Business

Former President Donald Trump’s newly public Trump Media & Technology company may be the target of market manipulation, CEO Devin Nunes said Friday, according to Nasdaq’s Adena Friendman. He made the claim in a letter to the CEO.

The company’s stock, listed on the Nasdaq under the ticker DJT, has been subject to extreme volatility since its listing on March 26.

ticker safety last change change %
DJT Trump Media & Technology Group Corporation 34.09 +0.90 +2.71%

“As of April 3, 2024, DJT was ‘by far’ the most expensive US stock to short sell,” according to the report. The data available to us shows that just four market participants were responsible for more than 60% of the abnormal volume of trading in DJT stock. Citadel Securities, Virtu Americas, G1 Execution Services, and Jane Street Capital,” Nunes wrote in a letter disclosed in a stock exchange filing. commission. Citadel is run by billionaire hedge fund investor Ken Griffin.

Letter from Trump Media and Technology Group CEO to Nasdaq: Read here

Short selling allows investors to make a profit when a stock’s value declines by borrowing money to buy the stock at a lower price.

Citadel said in a statement to FOX Business:

“Devin Nunes is a proverbial loser who tries to blame the decline in stock prices on ‘naked short sellers.’ Nunes is exactly the type of person Donald Trump would fire his apprentice if. If he worked at Citadel Securities, we would fire him because competency and integrity are at the heart of everything we do.”

FOX Business’ inquiries to Nasdaq, Virtu and Jane Street Capital were not immediately returned. FINRA, which monitors the market and oversees broker-dealers, declined to comment.

Since its IPO, DJT stock has traded as high as $79 per share, meaning the former president at one point had a paper value of more than $9 billion. That’s down to about $3 billion as of Friday.

What is a short sale?

Trump’s media and technology

The stock has gained membership in the meme club, joining other actively traded stocks such as AMC and GameStop, which are popular on social media chats like Reddit. Stock prices often fluctuate significantly from day to day, even when there is no special news.

Market experts say these stocks are more preferred by retail traders than by large institutional investors.

Will GameStop survive?Co-founder involved

ticker safety last change change %
AMC AMC Entertainment 3.23 +0.30 +10.24%
GME GameStop Co., Ltd. 10.31 +0.01 +0.10%

The company itself has made a number of moves since its debut. This week, it announced plans to launch a livestream service for Truth Social, which is operated by its parent company. The company also said it may sell more stock, according to SEC filings, for a potential 146 million shares, of which Trump owns more than 114 million. It is said that there is

Trump stocks, plans to sell more stock collapse

Unlike other meme stocks, as stated in the IPO prospectus, DJT does not have any revenue as a young company, and as detailed in its IPO prospectus, it will generate $58 million in 2023. I lost more than that. In the annual report.

Trump trial: Click here for live updates

The allegations come as President Trump is on trial in New York City for hush money payments to former porn star Stormy Daniels. We are currently selecting judges.

Former President Trump in court

Former President Donald Trump appears in court on Monday ahead of the start of jury selection in Manhattan Criminal Court in New York City. President Trump faces 34 felony counts of falsifying business records in his first criminal case to go to trial. (Javin Botsford Pool/Getty Images/Getty Images)

Nunes will serve as a California Republican until 2022.

Click here to read more on FOX Business

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