Truth Social CEO demands 'robust inquiry' into alleged stock manipulation

The company went public in late March after a long delay of its merger with Digital World Acquisition Corp.

Published: May 16, 2024 11:37am

Trump Media & Technology Group CEO Devin Nunes this week pressed House Republicans to probe what he suspects to be the illegal short-selling of the company's stock.

"I remain convinced that a robust inquiry is needed to protect shareholders, including TMTG’s retail shareholders, and to ensure that Main Street investors retain their faith in the fairness of U.S. markets," he wrote in a Tuesday letter.

Writing to House Judiciary Committee Chairman Jim Jordan, House Ways and Means Committee Chairman Jason Smith, Committee on Financial Services Chairman Patrick McHenry, and Oversight Chairman James Comer, Nunes asked that they urge the Financial Industry Regulatory Authority (“FINRA”) to probe short sellers.

"The apparent anomalies surrounding the trading of DJT have become chronic and alarming to TMTG," Nunes wrote. "In the last 30 trading days, an extraordinary volume of DJT shares traded have been shorts, leading to an astonishing quantity of FTDs [failures to deliver].  In fact, recently published SEC data indicate that FTDs exceeded 1 million DJT shares on eleven separate trading days between April 9, 2024, and April 30, 2024, with a peak of over 2.3 million FTDs on April 29, 2024, alone."

He specifically asked that the lawmakers press FINRA to issue Electronic Blue Sheet requests to Citadel Securities, VIRTU Americas, G1 Execution Services, Jane Street Capital, Apex Clearing, Clear Street, Cobra Trading, Cowen and Company, Curvature Securities, StoneX Securities, TradePro, and Velocity Clearing.

Nunes previously pressed lawmakers to examine alleged DJT stock manipulation in April 23 and May 1 letters. The company went public in late March after a long delay of its merger with Digital World Acquisition Corp.

Ben Whedon is an editor and reporter for Just the News. Follow him on X, formerly Twitter.

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