Trump Media & Technology Group is alerting the Nasdaq exchange that its stock — trading under the ticker DJT, after former President Donald Trump's initials — may be the victim of 'potential market manipulation' due to short-selling activity. The letter, which was sent Thursday to Nasdaq CEO Adena T. Friedman, claims that some traders are relying on so-called 'naked' short selling, which is when an investor shorts a stock without first borrowing the shares.
stock to short,' meaning that brokers have a significant financial incentive to lend non-existent shares,' Trump Media CEO Devin Nunes, a former Republican congressman from California, wrote to April 18 letter to the Nasdaq CEO.Nunes asked for Nasdaq to 'advise what steps you can take to foster transparency and compliance by ensuring market makers are adhering' to regulations that block naked short selling.
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Trump Media alerts Nasdaq to potential market manipulation from 'naked' short selling of DJT stockDonald Trump owns nearly 60% of Trump Media, which operates the Truth Social app. DJT shares are sharply down since their March trading debut.
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