KP INSIDER:
Trump Media & Technology CEO Devin Nunes Claims Market Manipulation as DJT Stock Sees Extreme Swings
Since going public on March 26th, Trump Media & Technology’s DJT stock has experienced dramatic fluctuations, with CEO Devin Nunes alleging market manipulation targeted at the company. Nunes asserts that just four market participants are responsible for more than 60% of the trading volume, leading to the extreme volatility seen in DJT shares.
In response to Nunes’ claims, Citadel Securities has dismissed him as a “proverbial loser,” further escalating the tensions surrounding the situation. Despite this, DJT shares have reached as high as $79 per share, briefly giving former President Donald Trump a paper net worth of over $9 billion.
Trump Media & Technology has also garnered attention on social media, joining the ranks of meme stocks like AMC and GameStop. However, the company has yet to generate revenue and reported losses of over $58 million in 2023.
In light of these challenges, Trump Media & Technology may consider selling more stock, potentially offering up to 146 million shares in the future. This decision could impact the company’s financial standing and market position moving forward.
It’s worth noting that Donald Trump is currently facing trial in New York City for hush money payments made to adult film actress Stormy Daniels. Meanwhile, Nunes, a former Republican representative for California, continues to lead the company amidst ongoing investigations and statements from Nasdaq, VIRTU, Jane Street Capital, and FINRA.
As the saga unfolds, the future of Trump Media & Technology remains uncertain, with stakeholders closely monitoring developments in the coming weeks. Stay tuned to KP INSIDER for the latest updates on this evolving story.