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.
Hundreds of pro-Palestinian protesters remained behind barricades on the UCLA campus early Thursday morning despite police orders to leave as officers were poised to move in on their fortified encampment that was ringed by an even larger crowd, including supporters who locked arms and curious onlookers.