Trump Media tells Nasdaq short sellers may be using "potential market manipulation" in DJT shares
CBSN
Trump Media & Technology Group is alerting the Nasdaq exchange that its stock — trading under the ticker DJT, after former President Donald Trump's initials — may be the victim of "potential market manipulation" due to short-selling activity.
The letter, which was sent Thursday to Nasdaq CEO Adena T. Friedman, claims that some traders are relying on so-called "naked" short selling, which is when an investor shorts a stock without first borrowing the shares. It's a practice that is effectively banned in the U.S., with regulators requiring trading firms to make sure that traders have the securities on hand to complete a short sale.
The complaint comes after a wild ride for Trump Media's stock since going public last month on the Nasdaq exchange. The shares lost two-thirds of their value from an initial peak, slicing billions of value from the fledgling media business, whose primary asset is the social media service Truth Social.
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