Trump Media CEO Devin Nunes has sent a letter to top Republican committee chairs in Congress, including Jim Jordan and Patrick McHenry, requesting an investigation into allegations of illegal ‘naked’ short selling of ‘DJT’ stock, the symbol for Trump Media. Nunes claims there are strong indications of unlawful manipulation of the stock, a practice where a stock is shorted without borrowing the asset, and asks the House of Representatives to determine its extent and purpose, and whether any laws were violated. Nunes had previously asked the CEO of the NASDAQ exchange to crack down on what he called ‘potential market manipulation’ by major Wall Street players, such as Citadel Securities, Virtu, Jane Street, and G1 Execution Services, which account for over 60% of trades on Trump Media stock. In the letter, Nunes also expressed concern for ‘TMTG’s retail investors,’ many of whom are staunch supporters of former President Donald Trump. However, even these investors appear to be losing confidence, as the stock continues to lose value. The company, which reported a 2023 revenue of $4.1 million and losses of $58.2 million, faces calls for investigation from Democratic-aligned groups as well.
