Devin Nunes, CEO of Trump Media & Technology Group, has requested House committee leaders to investigate the potential unlawful manipulation of DJT stock.
In a letter addressed to the committees, Nunes highlighted that DJT has been listed on Nasdaq’s “Reg SHO threshold list” daily since April 2, which he contends is “indicative of unlawful trading activity.”
Nunes urged the committees to launch an investigation into the unusual trading activity of DJT to ascertain its scope and intent, and to determine whether any laws, including RICO statutes and tax evasion laws, were breached, thus ensuring accountability for any illicit activities.
He explained that such an inquiry is essential to safeguard shareholders, including retail investors of TMTG, and could also illuminate the necessity for policy adjustments, such as closing the Reg SHO loophole for market makers, mandating brokers to enhance documentation of their stock location and borrowing efforts, and imposing stricter penalties for illegal naked short sellers.
Read the letter here.
