Devin Nunes, CEO of Trump Media, called upon prominent House committee chairmen to investigate eight financial firms due to suspicions of potentially illegal short selling of DJT stock, whose majority shareholder is President Trump.
In his letter dated Wednesday, Nunes stated that the committees should request documents and testimony from at least eight firms he listed: Apex Clearing, Clear Street, Cobra Trading, Cowen and Company, Curvature Securities, StoneX Securities, TradePro, and Velocity Clearing.
Nunes has proposed that the significant decline in Trump Media's share price since its public trading debut on March 26th is attributed to naked short sales.
The CEO emphasized the importance of obtaining records and information pertaining to DJT trading. He highlighted the relevance of compliance policies, particularly those that endorse the use of a ‘multiplier' to enable the lending of more shares than actually available.
Nunes pointed out that DJT has consistently remained on Nasdaq's Reg SHO Threshold List since April 2, 2024.
In a letter addressed to Nasdaq's CEO last month regarding potential market manipulation of Trump Media shares through naked short selling, Nunes identified four market-making companies accountable for over 60% of the notable volume of DJT shares traded.
