Trump Media Pens Letter to Congress on Impact of Short Sellers

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srcset="https://i.insider.com/662960c223b29110d302aee4?width=400&format=jpeg&auto=webp 400w, https://i.insider.com/662960c223b29110d302aee4?width=500&format=jpeg&auto=webp 500w, https://i.insider.com/662960c223b29110d302aee4?width=700&format=jpeg&auto=webp 700w, https://i.insider.com/662960c223b29110d302aee4?width=1000&format=jpeg&auto=webp 1000w, https://i.insider.com/662960c223b29110d302aee4?width=1300&format=jpeg&auto=webp 1300w, https://i.insider.com/662960c223b29110d302aee4?width=2000&format=jpeg&auto=webp 2000w" sizes="(min-width: 1280px) 900px" alt="Devin Nunes" decoding="async" /> </div> <span class="image-source-caption with-caption-drawer"> <input class="caption-drawer-input" type="checkbox" id="caption-drawer-checkbox"> <label class="caption-drawer-label" for="caption-drawer-btn"> <svg class="svg-icon arrow-up-icon caption-drawer-icon" xmlns="http://www.w3.org/2000/svg" width="12" height="8" viewBox="0 0 12 8" > <title>Angle down icon</title> <desc>An icon in the shape of an 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class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > Drew Angerer/Getty Images </span> </span> </figcaption> </span> </figure> <div> <section class="post-content typography " data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-markets-desktop_in_post_ad-desktop-fluid-1" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="marketsinsider.desktop/post/in-content-1/markets" data-secvert="" data-tag="mi-exclusive,devin-nunes,trump-media-&-technology,truth-social-trump,stock-market,us-stock-market,us-markets-and-economy,short-selling,naked-short-selling,congress,nasdaq,citadel-securities,donald-trump,republican-senate,former-president-donald-trump,market-manipulation" data-authors="yuheng-zhan" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-1" data-url="/news/stocks/trump-media-spac-djt-ceo-letter-congress-naked-short-sellers-2024-4" data-template="default" data-targeting="{"adunit":"marketsinsider.desktop/post/in-content-1/markets","region":"Desktop In Post Ad","tag":"mi-exclusive,devin-nunes,trump-media-&-technology,truth-social-trump,stock-market,us-stock-market,us-markets-and-economy,short-selling,naked-short-selling,congress,nasdaq,citadel-securities,donald-trump,republican-senate,former-president-donald-trump,market-manipulation","template":"default","dvp_spos":"in-content-1","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-not-lazy="" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><ul class="summary-list"> <li>Trump Media CEO Devin Nunes wrote a letter to lawmakers asking them to look into "unlawful manipulation" of the firm's stock.  </li> <li>Nunes said there's a strong motivation for "naked" short-selling. </li> <li>Citadel Securities last week called Nunes a "loser" for blaming shorts for the stock's decline. </li> </ul><p>The CEO of <a href="https://markets.businessinsider.com/stocks/djt-stock?utm_medium=ingest&utm_source=markets&utm_medium=ingest&utm_source=markets" data-analytics-product-module="body_link" rel="">Trump Media</a> filed a letter on Tuesday urging House Republican committee heads to look into the possibility of illegal manipulation of the company's stock, which has plunged since it went public at the end of March. </p><p>Devin Nunes said in the letter that the firm has identified a "strong indication" of shady trading, and the committee should swiftly investigate its scope, including "whether any laws, including RICO statutes and tax evasion laws, were violated." </p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-markets-desktop_in_post_ad-desktop-fluid-2" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="marketsinsider.desktop/post/in-content-2/markets" data-secvert="" data-tag="mi-exclusive,devin-nunes,trump-media-&-technology,truth-social-trump,stock-market,us-stock-market,us-markets-and-economy,short-selling,naked-short-selling,congress,nasdaq,citadel-securities,donald-trump,republican-senate,former-president-donald-trump,market-manipulation" data-authors="yuheng-zhan" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-2" data-url="/news/stocks/trump-media-spac-djt-ceo-letter-congress-naked-short-sellers-2024-4" data-template="default" data-targeting="{"adunit":"marketsinsider.desktop/post/in-content-2/markets","region":"Desktop In Post Ad","tag":"mi-exclusive,devin-nunes,trump-media-&-technology,truth-social-trump,stock-market,us-stock-market,us-markets-and-economy,short-selling,naked-short-selling,congress,nasdaq,citadel-securities,donald-trump,republican-senate,former-president-donald-trump,market-manipulation","template":"default","dvp_spos":"in-content-2","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>The letter said the Truth Social parent company, which is majority-owned by former President Donald Trump, has fallen prey to "naked" short selling, an illicit practice that involves selling shares before knowing if any are available to borrow in order to short them. </p><p>The CEO pointed out the cost of shorting shares of Trump Media was the highest in US markets by a long shot as of April 3, which means that brokers have "a significant financial incentive to lend non-existent shares."</p><p>Trump Media stock has been on a roller coaster ride since its IPO at the end of last month, hitting $35.05 a share Wednesday, up almost 8% after a 54% drop from its peak. </p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-markets-desktop_in_post_ad-desktop-fluid-3" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="marketsinsider.desktop/post/in-content-3/markets" data-secvert="" data-tag="mi-exclusive,devin-nunes,trump-media-&-technology,truth-social-trump,stock-market,us-stock-market,us-markets-and-economy,short-selling,naked-short-selling,congress,nasdaq,citadel-securities,donald-trump,republican-senate,former-president-donald-trump,market-manipulation" data-authors="yuheng-zhan" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-3" data-url="/news/stocks/trump-media-spac-djt-ceo-letter-congress-naked-short-sellers-2024-4" data-template="default" data-targeting="{"adunit":"marketsinsider.desktop/post/in-content-3/markets","region":"Desktop In Post Ad","tag":"mi-exclusive,devin-nunes,trump-media-&-technology,truth-social-trump,stock-market,us-stock-market,us-markets-and-economy,short-selling,naked-short-selling,congress,nasdaq,citadel-securities,donald-trump,republican-senate,former-president-donald-trump,market-manipulation","template":"default","dvp_spos":"in-content-3","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>In the letter, Nunes called out four big market makers — Citadel Securities, VIRTU Americas, G1 Execution Services, and Jane Street Capital — that have gobbled up over 60% of the trading volume in DJT shares.</p><p>Nunes also penned <a href="https://markets.businessinsider.com/news/stocks/trump-media-djt-stock-short-selling-protection-truth-social-shares-2024-4?utm_medium=ingest&utm_source=markets&utm_medium=ingest&utm_source=markets" data-analytics-product-module="body_link" rel="">a separate letter to Nasdaq</a> last week bemoaning the impact of short-sellers on the stock. </p><p>Citadel Securities fired back, calling Nunes <a href="https://markets.businessinsider.com/news/stocks/trump-media-stock-crash-djt-ken-griffin-citadel-short-sellers-2024-4?utm_medium=ingest&utm_source=markets" data-analytics-product-module="body_link" rel="">as a "proverbial loser"</a> for blaming short-sellers for the flagging stock price. </p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-markets-desktop_in_post_ad-desktop-fluid-4" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="marketsinsider.desktop/post/in-content-4-plus/markets" data-secvert="" data-tag="mi-exclusive,devin-nunes,trump-media-&-technology,truth-social-trump,stock-market,us-stock-market,us-markets-and-economy,short-selling,naked-short-selling,congress,nasdaq,citadel-securities,donald-trump,republican-senate,former-president-donald-trump,market-manipulation" data-authors="yuheng-zhan" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-4" data-url="/news/stocks/trump-media-spac-djt-ceo-letter-congress-naked-short-sellers-2024-4" data-template="default" data-targeting="{"adunit":"marketsinsider.desktop/post/in-content-4-plus/markets","region":"Desktop In Post Ad","tag":"mi-exclusive,devin-nunes,trump-media-&-technology,truth-social-trump,stock-market,us-stock-market,us-markets-and-economy,short-selling,naked-short-selling,congress,nasdaq,citadel-securities,donald-trump,republican-senate,former-president-donald-trump,market-manipulation","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>Trump and other executives saw a windfall on Tuesday, and were rewarded with millions of extra shares after the stock traded above $17.50 for 20 days in a row. It was part of a deal with the SPAC that took the company public and included <a href="https://markets.businessinsider.com/news/stocks/trump-media-stock-crash-sell-shares-djt-truth-social-spac-2024-4?utm_medium=ingest&utm_source=markets" data-analytics-product-module="body_link" rel="">36 million shares for Donald Trump</a>, an amount worth about $1.3 billion. </p> </div> </div> </div> </section> </div> <div data-bi-ad id="gpt-post-markets-textlink-fluid-1" class="ad ad-wrapper fluid " data-force="" data-type="ad" data-adunit="marketsinsider.all/post/text-link/markets" data-secvert="" data-tag="mi-exclusive,devin-nunes,trump-media-&-technology,truth-social-trump,stock-market,us-stock-market,us-markets-and-economy,short-selling,naked-short-selling,congress,nasdaq,citadel-securities,donald-trump,republican-senate,former-president-donald-trump,market-manipulation" data-authors="yuheng-zhan" data-region="textlink" 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