Trump Media, the parent company of the former president’s Truth Social, alerted Nasdaq Inc. on Thursday of what the company suspects is illegal activity driving down the price of its shares. In a letter to the exchange, Devin Nunes, the CEO of Trump Media , laid out what he believes could be deemed “naked” short selling. Naked short selling involves someone selling shares they don’t own or have not borrowed. They will often then try to buy shares at a reduced price to cover themselves.
” “This is particularly troubling given that “naked” short selling often entails sophisticated market participants profiting at the expense of retail investors,” he said. Representatives from Nasdaq and Trump Media did not immediately respond to requests for comment. The company, which is majority-owned by former President Donald Trump, is down by around 50% from the all-time high it set on March 26, the day after it merged with a blank-check acquisition company to go public.
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