A hedge fund issued a statement mocking Trump Media and Technology CEO Devin Nunes as he tries to protect his company's financial position.
Nunes, the former Republican congressman and longstanding Donald Trump loyalist, sent a letter this week to Nasdaq chief Adena Friedman expressing concern about short-sellers betting against the company's stock — and Citadel Securities responded with scorn.
“Devin Nunes is the proverbial loser who tries to blame 'naked short selling' for his falling stock price," the hedge fund said in a written statement.
"Nunes is exactly the type of person Donald Trump would have fired on The Apprentice. If he worked for Citadel Securities, we would fire him, as ability and integrity are at the center of everything we do.”
The Trump Media CEO sent his letter a day after the company updated the "frequently asked questions" on its website with suggestions for long-term investors to prevent their stock from being shorted, such as opting out of security lending programs and transferring their shares to a retirement account.
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"DJT appears on Nasdaq's 'Reg SHOthreshold list,' which is indicative of unlawful trading activity," Nunes said in the letter, which was published Friday in an SEC filing. "This is particularly troubling given that 'naked' short selling often entails sophisticated market participants profiting at the expense of retail investors."
Trump Media shares plummeted about 44 percent below its peak after going public last month, wiping out nearly $2 billion in the former president's stake, though they picked up again Thursday.
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