Trump’s Truth Social requests Congressional investigation into alleged stock market manipulation

Trump Media & Technology Group, the parent company of Donald Trump’s Truth Social, is facing scrutiny as its stock price has plummeted, prompting CEO Devin Nunes to request a congressional investigation into potential manipulation.

In a letter addressed to four chairs of House committees, Nunes raised concerns about the “unlawful manipulation” of the company’s stock, which trades under the ticker “DJT”. He pointed to indicators of “naked” short selling and identified four market participants responsible for a significant portion of the trading volume.

Since going public on March 26th, the company’s share price has dropped from around $70 to $35 as of April 25th. Nunes urged Congress to look into potential violations of RICO statutes and tax evasion laws to protect shareholders.

A spokesperson for Citadel Securities dismissed Nunes’ claims, calling him a “loser” and suggesting he would have been fired by Donald Trump on The Apprentice. The spokesperson emphasized that Nunes’ accusations of “naked short selling” were unfounded.

With Trump as the majority shareholder of the company, the investigation into potential stock manipulation could have far-reaching implications. Shareholders and investors will be closely watching the outcome of the congressional inquiry to determine the future of Trump Media & Technology Group.