In a bold move to protect retail investors, Devin Nunes, the CEO of Truth Social, has vowed to defend against possible illegal short selling of company shares. Nunes recently criticized President Joe Biden for mentioning Trump Media’s stock price in a speech, highlighting the contentious nature of the situation.
Trump Media’s stock, trading under the ticker DJT, has taken a hit, plummeting from its peak and impacting former President Donald Trump’s 60% stake in the company. Nunes has taken action by warning Nasdaq CEO about potential “naked” short selling of DJT shares, citing reports from CNBC.
Nunes claimed that Trump Media has appeared on Nasdaq’s “Reg SHO threshold list” due to potential illegal trading behavior. However, the SEC notes on its website that naked short selling is not necessarily a violation of federal securities laws unless used for market manipulation.
In response to Nunes’ claims, Citadel Securities, a company named in his letter, mocked him as a “proverbial loser”. Undeterred, Nunes fired back at Citadel Securities, calling out their personal attacks and defending his position as CEO of Trump Media.
The ongoing clash between Nunes and Citadel Securities has brought attention to the issue of short selling and market manipulation. Retail investors anxiously await the outcome as the battle for the integrity of DJT shares continues. Stay tuned to Guam News Factor for further updates on this developing story.
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