Devin Nunes, CEO of Trump Media & Technology Group Corp. (DJT), expressed concern on Friday about the increase in trading activity of its shares on Nasdaq. The company had recently filed a notification with the exchange indicating that it had sent a letter to Nasdaq regarding suspected short-selling practices in its shares. Nunes emphasized that naked short selling is illegal and goes against SEC regulations.
According to reports, as of April 3, Trump Media was the most expensive U.S. stock to short, providing brokers with a strong financial incentive to lend non-existent shares. This has led to concerns about potential illicit trading activities, with only four market participants responsible for over 60% of the unusually high volume of DJT shares traded.
In an effort to protect retail investors’ interests, Trump Media & Technology Group advised shareholders yesterday on how to prevent their shares from being loaned for short interest positions. This guidance follows a decline in DJT’s share price since the company launched the Truth Social app on March 26.
Nunes requested that Nasdaq take steps to promote transparency and compliance, including enforcing Reg SHO, requiring brokers to disclose their net short positions, and preventing the lending of non-existent shares. As of the latest check on Friday, DJT shares were trading 2.21% higher at $33.93.
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