Trump Media Group CEO Devin Nunes is requesting an investigation into potential stock manipulation from Louisiana state officials. This move follows similar requests filed in Florida and the U.S. House Financial Services and Oversight Committees last month.
In a formal letter sent to Louisiana Office of Financial Institutions Commissioner Scott Jolly, Nunes pointed to “apparent manipulation” of Trump Media & Technology Group’s (TMTG) stock, which trades on the Nasdaq under the ticker symbol “DJT.” The company, known for its social networking platform Truth Social, started trading in late March.
Nunes highlighted that DJT has been listed on Nasdaq’s “Reg SHO threshold list” continuously since April 2, a list that can suggest illegal “naked” short selling of a security. “The anomalies surrounding the trading of DJT suggest the possibility of unlawful collusion among multiple market counterparties including, without limitation: prime brokers, clearing brokers, executing brokers, options market makers, hedge funds, custodian banks, and other fiduciaries,” Nunes said in the letter.
“Such collusion would violate not only federal law but also Louisiana law,” he added. Nunes urged Commissioner Jolly to launch an immediate investigation into whether the trading of DJT has violated Louisiana Securities Law. According to Nunes, these allegedly fraudulent actions may harm not only Trump Media but also local businesses and retail investors.
In his letter, Nunes suggested that Jolly consider seeking testimony and documents from entities such as Apex Clearing, StoneX Securities, and TradePro, which could have played roles in the alleged activities. The correspondence was also sent to Louisiana Attorney General Liz Merrill and Governor Jeff Landry‘s (R-LA) executive counsel Angelique Freel.
“I stand ready to assist your efforts in any way possible,” Nunes concluded, referencing previous letters sent to Members of Congress and Nasdaq officials regarding the issue.