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TMTG Accuses Nasdaq of Stock Manipulation Through 'Naked' Short Selling

TMTG, led by CEO Devin Nunes, has accused Nasdaq of potential market manipulation through "naked" short selling of its stock. Nunes sent a letter to Nasdaq's CEO, highlighting concerns that unlawful trading activity is targeting retail investors. TMTG is asking Nasdaq to enforce regulations against naked short selling, while Nasdaq reaffirmed its commitment to transparency and integrity in monitoring the market.


 

TMTG, led by CEO Devin Nunes, has raised concerns about potential market manipulation affecting its stock through what is known as "naked" short selling. Nunes has sent a letter to Nasdaq CEO Adena Friedman, highlighting suspected illegal short-selling activities that could be considered market manipulation.


In the letter, Nunes points out that TMTG's shares have been placed on Nasdaq's list of securities that may be subject to unlawful trading. He expressed worry that naked short selling often targets retail investors, exploiting the market for personal gain.


Naked short selling involves selling securities that are neither owned nor borrowed, with the expectation of buying them back later at a lower price. This practice can manipulate stock prices and hurt smaller investors.


TMTG is asking Nasdaq to take action to enhance transparency and enforce regulations against naked short selling. In response, Nasdaq affirmed its commitment to principles of liquidity, transparency, and market integrity. The exchange has historically supported the SEC's efforts to monitor and prevent naked short selling.

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