Trump Media & Technology Group CEO Raises Concerns Over Stock Manipulation, Requests Probe By Louisiana Regulator: Anomalies Surrounding Trading Have Become 'Chronic And Alarming'
Portfolio Pulse from Kaustubh Bagalkote
Devin Nunes, CEO of Trump Media & Technology Group Corp (NASDAQ:DJT), has raised concerns about alleged stock manipulation with the Louisiana Office of Financial Institutions. Nunes highlighted that DJT’s stock has been on the Nasdaq Reg SHO Threshold List since April 2, indicating potential illegal 'naked' short-selling activities. Over the past 30 trading days, DJT shares have seen significant failures to deliver (FTDs), with SEC data showing over 1 million FTDs on eleven separate trading days between April 9 and April 30. Nunes has called for an investigation into potential illegal collusion among market participants. Despite these concerns, DJT stock surged by nearly 9% on Tuesday but dipped by 2.10% in after-hours trading.

May 29, 2024 | 3:05 am
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Devin Nunes, CEO of Trump Media & Technology Group, has raised concerns about potential stock manipulation of DJT shares, citing significant failures to deliver and potential illegal 'naked' short-selling activities. An investigation has been requested.
The allegations of stock manipulation and the request for an investigation could create uncertainty and volatility in DJT's stock price. Despite a recent surge, the after-hours dip suggests investor caution.
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IMPORTANCE 90
RELEVANCE 100