Atlanta, Georgia – Former President Donald Trump criticized Nasdaq after trading halts in his social media company’s shares, hinting at a potential move to the New York Stock Exchange.
Trump expressed frustration on Truth Social, questioning Nasdaq’s decision to halt the trading of his company’s stock and accusing them of bowing to pressure from the SEC. He suggested that the SEC was stalling Trump Media’s merger for political reasons.
The trading halts came as Trump Media’s stock soared following Trump’s declaration that he would not be selling any shares in the company. These pauses, known as limit up-limit down halts, are common occurrences meant to stabilize the market and protect investors.
While the first trading halt occurred around 2:26 p.m. ET and was lifted shortly after Trump’s announcement, the stock was halted again just minutes later. Market experts emphasized the routine nature of these halts, mandated by federal regulations since 2013.
Despite the routine nature of the trading halts, Trump issued a warning to Nasdaq in his Truth Social post, threatening to take his company’s stock to the New York Stock Exchange if the halts continued. Nasdaq did not respond to requests for comment.
Market analysts emphasized that the rules governing trading halts are consistent across all US stock exchanges and reiterated that Trump’s threats were unlikely to affect the situation. The incident highlighted the tension between Trump and Nasdaq regarding the handling of his company’s stock.
Overall, the trading halts, although routine, sparked controversy and raised questions about the implications of political statements on the market. As Trump navigates the world of social media and finance, his clashes with Nasdaq shed light on the complexities of the stock market and regulatory oversight.