The stock price of Donald Trump’s media company has fallen roughly 40% since the former president was convicted of hush money last month.
Trump Media stock price
Newsweek reached out to TMGT for an email with comment but did not receive a quick response.
In addition to Trump’s legal troubles, TMTG, which is the parent company of the social network Truth Social, is suffering from short traders whom the firm has accused of “market manipulation. “
On June 4, CEO Devin Nunes wrote to the Nasdaq CEO asking for his help in investigating “Wall Street experts” who he claimed were involved in the “naked” short sale of TMGT stock, which is traded under the ticker symbol DJT.
Short promotion is a fraudulent practice in which investors sell shares of an asset without first borrowing them or ensuring that they can be borrowed.
In a statement released Monday and shared with news site Just the News, TMGT said that if a brief promotion is proven, “then the perpetrators deserve to be criminally prosecuted, in all likelihood employing federal and state RICO laws. “
In April, the chief executive of one of the corporations Nunes needs to investigate told the Financial Times that TMGT’s chief executive was a “loser” for blaming the company’s functionality on short selling.
TMGT’s financial disruptions prevent its percentage price from falling. In May, the company reported a net loss of $327. 6 million in its first quarter, which TMGT attributed to its merger with Digital World Acquisition Corp.
Nunes, a former Republican congressman, said at the time, “We have finalized our merger and are exempt from the vast majority of merger-related expenses, leaving the company well-capitalized and subsidized through a legion of retail shareholders that in our mission. to provide a bridgehead for loose speech opposing big-tech censorship.
TMTG, which is majority-owned through Donald Trump, lately has “over $200 million in the bank,” as shared Monday with Just the News, “and over 600,000 retail shareholders who believe in our vision.
“We believe we are well placed at this early level of our growth,” he added.
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Theo Burman is a Newsweek Live News reporter based in London, UK. It focuses on American politics and foreign news, as well as the effect of virtual literacy on elections. He has extensively covered electoral and cultural issues in the United States and the United Kingdom, as well as high-profile legal instances such as the trials of Andrew Tate and Donald Trump. Theo joined Newsweek in 2024 and has written for Dexerto, PinkNews, and News UK in the past. He is a graduate of Durham University and News Associates. Theo can be reached by emailing t. burman@newsweek. com.
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