Trump Media & Technology Group is asking Congress to investigate its suspicions that illegal activity is driving down its share price. In a letter disclosed on Wednesday, Devin Nunes, the CEO of Truth Social owner Trump Media , alerted the GOP Chairmen of the House Ways and Means, Judiciary, Financial Services and Oversight Committees to the “urgent matter” of “potential manipulation” of the company’s share price.
“The reason that short sellers want to short the stock is because the stock is overvalued,” said Jay Ritter, a finance professor at the University of Florida. “It does not require a PhD in finance to come to the conclusion that the stock is wildly overvalued and is almost certain to fall in price.” Trump Media recently reported losing $58 million in 2023 on very little revenue.