The president's media company is urging the Securities and Exchange Commission to investigate a firm that bet against it, Reuters is reporting.
Trump Media & Technology Group, the company behind Truth Social, has urged federal regulators to investigate potential "unlawful manipulation" of its stock, which has experienced significant volatility since its public debut. The company, now trading under the ticker "DJT," saw its shares surge and then plummet, prompting concerns over possible "naked" short selling, a practice where investors sell shares they do not possess. In a letter to the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC), Trump Media's CEO, Devin Nunes, requested an investigation into this matter, highlighting the unusual trading volumes and the impact on the company's stock price. The company's public listing came about through a merger with Digital World Acquisition Corp., and it has been a focal point for both supporters and critics of former President Donald Trump.
Media & Entertainment
Wed, April 23, 2025
