Trump Media pushes House to probe 8 firms over short-selling of DJT shares

Key Facts

• Nunes has suggested that the sharp fall of Trump Media’s share price since the stock began public trading on March 26 is the result of naked short sales, not a belief that the company’s meager revenue of just $4.1 million last year does not come close to justifying a market capitalization of more than $6 billion.
• MORE NEWS ON DONALD TRUMP Supreme Court won’t let former Trump aide Peter Navarro out of jail while he appeals sentence Trump VP contender Kristi Noem stands by killing her dog Cricket amid bipartisan ridicule * Supreme Court appears skeptical of Trump’s blanket presidential immunity argument “In addition to asking for records and information regarding trading in DJT, relevant documents include compliance policies — including any policies that condone the application of a ‘multiplier’ to facilitate the lending of more shares than are actually available,” wrote Nunes, who is a former Republican congressman from California.
• In a letter last month to Nasdaq’s CEO about potential market manipulation of Trump Media shares by naked short selling, Nunes named four market-making companies as being responsible for more than 60% “of the extraordinary volume of DJT shares trade.”
• A spokeswoman for Trump Media in response to that at the time said, “Citadel Securities, a corporate behemoth that has been fined and censured for an incredibly wide range of offenses including issues related to naked short selling, and is world famous for screwing over everyday retail investors at the behest of other corporations, is the last company on earth that should lecture anyone on ‘integrity.’ ” - Additional reporting by CNBC’s Kevin Breuninger DON’T MISS THESE EXCLUSIVES FROM CNBC PRO Thursday’s biggest analyst calls: Ferrari, Netflix, Tesla, Nvidia, TJX, Carvana & more Bank of America says this shoe stock is an inflation winner and you should buy it before earnings These are Morgan Stanley’s top picks into quarterly earnings Tesla price cuts could backfire, fund manager says, warning of a ‘huge demand problem’ on the horizon * Gundlach sees one rate cut this year as Fed keeps up inflation fight

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