This is especially concerning, he said, because “naked” short selling frequently results in knowledgeable market players making money off of ordinary investors.
Requests for responses from Trump Media and Nasdaq representatives were not immediately answered.
The company, which was merged with a blank-check acquisition company to go public on March 26, is down around 50% from its all-time high. The corporation is controlled by former President Donald Trump.
Since then, the company’s stock has experienced a rollercoaster journey.
Even though the company is still valued in the billions, it has financial difficulties and requires funding. Experts advise investors to use caution when trading the stock because the company’s exorbitant valuation is not supported by the company’s fundamentals.
Trump Media brought in just $4.1 million in sales in 2023 but lost $58 million.
Following the letter’s release to the public on Friday, the company’s shares saw a small increase.
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