Scranton, Pennsylvania – Former Republican House representative Devin Nunes criticized President Joe Biden for referencing the stock price of Trump Media in a recent speech. Biden took a jab at Donald Trump, his opponent in the November election, during his remarks in Scranton, Pennsylvania. Trump Media’s stock, trading under the ticker DJT, experienced a sharp decline from its debut price, impacting Trump’s stake in the company.
Nunes further elaborated on his belief that the drop in DJT’s stock price may be due to illegal market manipulation. He raised concerns about potential “naked” short selling practices affecting Trump Media’s stock. Despite this, the Securities and Exchange Commission clarifies that naked short selling is not necessarily a violation of federal securities laws, unless it is used to manipulate the market.
In response to Nunes’ allegations, Citadel Securities, a market firm mentioned in the letter, mocked Nunes, questioning his claims about “naked short selling.” Nunes fired back during a Newsmax interview, defending his statements and asserting the importance of addressing the issue. The founder of Citadel Securities, Ken Griffin, a prominent GOP donor, has contributed to politicians like Nunes, who now leads Trump Media.
The controversy surrounding Trump Media’s stock price and allegations of market manipulation have sparked a debate over the practices in the financial industry. Biden’s remarks and Nunes’ comments have drawn attention to the fluctuations in DJT’s stock and the implications for Trump’s ownership in the company. Experts suggest that the situation may shine a light on the complexities of stock trading and the challenges of regulating market behavior. As the story continues to unfold, the impact on Trump Media and the broader financial market remains uncertain.