The CEO of former president and convicted felon Donald Trump's eponymous media company has flagged "severe" anomalies he believes warrant an official probe, according to a new report.
Trump Media CEO Devin Nunes sent a letter to Nasdaq CEO Adena Friedman stating he had coaxed Congress to seek a formal probe into the matter by Financial Industry Regulatory Authority (FINRA), according to Reuters.
Nunes reportedly asked for so-called electronic blue sheets to scrutinize potential irregularities in trading beginning April 29 through June, Reuters reported.
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Stock went public earlier this year, soared back in March then tanked 70% before steadying where it is now at $46. Much of its initial big gains evaporated.
After Trump was found guilty of falsifying business records in an attempt to influence the 2016 presidential election the shares of TMTG went on an another wild ride Friday — finishing 5.3% lower.
Reuters reports that Nunes is seeking Nasdaq's cooperation involving any potential investigations to ferret out "naked" short sellers and "fulsomely cooperate with any and all congressional or other investigations into these firms—including by promptly providing responsive data within Nasdaq's possession."
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He claims there are "anomalies" tied to TMTG shares that "appear to be growing even more severe," based on SEC data.
Specifically, Nunes requested data from a handful of firms including Citadel Securities, Jane Street Capital and UBS.
In the past, Reuters reported, Nunes wrote Nasdaq's Friedman about "potential market manipulation" warnings in TMTG's stocking sought support to ward off any alleged manipulation.
Trump launched Truth Social after he was forced off Twitter and Facebook in the wake the Jan. 6, 2021 riots at the U.S. Capitol.
A regulatory filing released in April showed Trump Media produced revenue of just $4 million and net losses of nearly $60 million in 2023 and that prompted a stock market free fall.
The effort to take Trump Media public is primed to deliver billions of dollars in value for Trump, who owns a major stake of the shares.
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