TMTG CEO Devin Nunes urges Louisiana to investigate ‘chronic and alarming’ anomalies related to the trading of DJT stock

Devin Nunes, CEO of Trump Media & Technology Group (TMTG), is urging Louisiana officials to investigate the manipulation of its shares, which trade under “DJT.”

In a May 28 letter, Nunes wrote to Scott Jolly, the commissioner of the Louisiana Office of Financial Institutions, to express ongoing concerns about the “apparent manipulation” of DJT stock. This letter is Nunes’ latest move after a series of letters to Congress, asking lawmakers to probe firms that may be engaging in illegal market behavior and violating SEC rules.

Nunes expressed increased concern in his latest letter to Jolly, stating that the “anomalies surrounding the trading of DJT have become more chronic and alarming to TMTG.”

“In the last 30 trading days, an extraordinary volume of DJT shares traded have been shorts, leading to an astonishing quantity of FTDs,” Nunes wrote to the commissioner.

He continued:

“In fact, recently published SEC data indicate that FTDs exceeded 1 million DJT shares on eleven separate trading days between April 9, 2024, and April 30, 2024, with a peak of over 2.3 million FTDs on April 29, 2024, alone. Data made available to us suggest that serious anomalies may have occurred on that date, as well as on April 30 and May 1.

While DJT has consistently been among the most expensive stocks to borrow legally, TMTG assesses that some sellers have been paying a drastically reduced rate to obtain so-called ‘locates’ for seemingly illegitimate ‘naked’ short sales.” 

TMTG’s CEO asserted that these anomalies “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 wrote to Jolly that “such collusion would violate not only federal law but also Louisiana law.” For this reason, Nunes respectfully requests that the commissioner “immediately open an investigation to determine the nature and extent of any illicit activities” and determine whether anomalies have violated Louisiana Securities Law or the regulations set forth by the Louisiana Administrative Code.

Since its launch, TMTG, the parent company of President Trump’s Truth Social, has sought to revolutionize social media and restore free speech online. While detractors may attempt to harm the company via shorting DJT’s stock or other illegal activity, Nunes has steadfast determination to ensure TMTG’s health and success.

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