Trump Media, the parent company of Truth Social, has sent a warning to Nasdaq Inc. about suspected market manipulation. In a letter to the exchange, Devin Nunes, the CEO of Trump Media, expressed concerns about illegal activity that he believes is driving down the price of its shares. The company suspects "naked" short selling, which involves selling shares that one does not own or have not borrowed. This practice is generally considered illegal. In contrast, legitimate short sellers borrow shares before selling them, aiming to benefit from declines in a company's value. The letter was made public in a filing with the Securities and Exchange Commission. We will keep you updated on this evolving story, on Fan Reviews News.
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00:00 Welcome to Fan Reviews News.
00:02 Trump Media, the parent company of Truth Social,
00:05 has sent a warning to Nasdaq about suspected market manipulation.
00:09 In a letter to the exchange, the CEO of Trump Media
00:12 expressed concerns about illegal activity
00:14 that he believes is driving down the price of its shares.
00:17 The company suspects short-selling,
00:19 which involves selling shares that one does not own or have not borrowed.
00:23 This practice is generally considered illegal.
00:26 In contrast, legitimate short-sellers borrow shares before selling them,
00:30 aiming to benefit from declines in a company's value.
00:33 The letter was made public in a filing with the Securities and Exchange Commission.
00:37 We will keep you updated on this evolving story on Fan Reviews News.