Truth Social CEO requests Florida investigate possible 'unlawful manipulation of DJT stock'

Trump Media Group CEO Devin Nunes requested on Thursday that Florida Attorney General Ashley Moody investigate possible "unlawful manipulation of DJT stock."

The request comes after Nunes sought an investigation from House finance and oversight leaders on the same matter last month. Nunes raised the concerns after Trump Media & Technology Group (TMTG) began trading on the Nasdaq stock market in late March under the ticker "DJT." The company's flagship product is social networking site Truth Social.

Nunes noted in both letters that DJT has appeared Nasdaq’s "Reg SHO threshold list," continuously since April 2, which he said is "indicative of unlawful trading activity."

"The anomalies surrounding the trading of DJT suggest the possibility of unlawful collusion among multiple market counterparties including, without limitation: prime brokers, clearing brokers, executing brokers, options market makers, hedge funds, custodian banks, and other fiduciaries," Nunes said in the letter to Moody. "Such collusion would violate not only federal law, but also Florida law. As such, I respectfully request that you take any actions necessary to determine the nature and extent of any illicit activities—and particularly whether the trading in DJT has complied with the Florida RICO Act."

The California Republican, a former member of Congress, suggested that Moody talk to certain businesses that may have helped facilitate the potentially unlawful sales, and request testimony and documents from Apex Clearing, StoneX Securities, and TradePro among others.

"In order for free markets to function as intended, Main Street investors and entrepreneurs must have confidence that they are playing on a level playing field when transacting with sophisticated, well-connected insiders," Nunes said. "We believe market manipulation is modern-day racketeering, and market participants who facilitate trades based on false volume and/or false prices have engaged in fraudulent transactions."

Nunes added that the fraudulent actions do not only harm Trump Media, but also Florida businesses and retail investors. 

Misty Severi is an evening news reporter for Just the News. You can follow her on X for more coverage.