Trump Media CEO asks Louisiana to investigate possible 'manipulation' of DJT stock

Trump Media Group CEO Devin Nunes on Tuesday sent a letter to Louisiana state officials, requesting an investigation into an "apparent manipulation" of the group's stock, and whether it violated the state's securities law.

The letter comes after Nunes requested an investigation into the stock in Florida, and 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 sent the letter to Louisiana Office of Financial Institutions Commissioner Scott Jolly, and noted that DJT has appeared on Nasdaq’s "Reg SHO threshold list," continuously since April 2, which he said "can indicate the illegal 'naked' short selling of a security."

"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 wrote to Jolly. "Such collusion would violate not only federal law, but also Louisiana law.

"As such, I respectfully request that you immediately open an investigation to determine the nature and extent of any illicit activities—and particularly whether the trading in DJT has violated Louisiana Securities Law," he continued.

Nunes noted that the allegedly fraudulent actions would not only harm Trump Media, but also Louisiana businesses and retail investors. He encouraged Jolly to talk to certain businesses that could have potentially helped facilitate the sales, and request testimony and documents from Apex Clearing, StoneX Securities, and TradePro, among others.

The request was also sent to Louisiana Attorney General Liz Merrill, and Executive Counsel to the Governor Angelique Freel. 

"I stand ready to assist your efforts in any way possible," Nunes wrote. "For your reference, I have attached previous letters I sent to Members of Congress and to Nasdaq Chair and Chief Executive Officer Adena T. Friedman pertaining to these issues."

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