In a letter sent to Nasdaq’s CEO, the Trump Media & Technology Group (DJT) raised concerns about potential market manipulation through the “naked” short selling of their company’s stock. Devin Nunes, CEO of Trump Media, pointed out that DJT appears on Nasdaq’s ‘Reg SHO threshold list,’ indicating possible unlawful trading activity.
Nunes highlighted the unfair practice of “naked” short selling, which can disadvantage retail investors while benefiting sophisticated market participants. He mentioned that reports show DJT as the most expensive U.S. stock to short as of April 3, 2024. Nunes raised concerns about brokers having a financial incentive to lend out shares that they do not actually possess, potentially leading to market manipulation.
Four market participants responsible for a significant portion of DJT trading volume were identified by Nunes, including Citadel Securities, VIRTU Americas, G1 Execution Services, and Jane Street Capital. He urged Nasdaq to take steps to promote transparency and compliance, such as requiring brokers to disclose their “Net Short” positions and preventing the lending of non-existent shares.
Trump Media & Technology Group expressed a willingness to assist Nasdaq in safeguarding the interests of retail investors and ensuring market integrity.
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