FILE PHOTO: The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoShares of Donald Trump's media and technology company were up more than 3 per cent on Friday after it asked the Nasdaq exchange to help prevent"naked" short-selling in its shares.
"Reports indicate that, as of April 3, 2024, DJT was 'by far' the most expensive U.S. stock to short", meaning that brokers have a significant financial incentive to lend non-existent shares," TMTG CEO Devin Nunes said in the filing. A spokesperson for market maker Citadel said Nunes was trying"to blame 'naked short selling' for his falling stock price," adding that integrity was central to everything Citadel does.
The news comes amid high levels of volatility with the Trump Media's shares after its strong debut trading session on the Nasdaq last month.A Nasdaq spokesperson told CNBC,"Nasdaq is committed to the principles of liquidity, transparency, and integrity in all our markets."
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