Trump Media & Technology Group Corp. (DJT), the company behind social media platform Truth Social, has formally requested an immediate investigation by the U.S. Securities and Exchange Commission (SEC) into what it describes as “suspicious trading activity” of its stock.
In a memo sent today to Acting SEC Chairman Mark Uyeda, TMTG alleged potential illegal naked short selling and market manipulation, specifically pointing to the disclosure of a significant short position by a U.K.-based hedge fund.
The memo, also copied to the Financial Industry Regulatory Authority (FINRA), Nasdaq, and the New York Stock Exchange, focuses on Qube Research & Technologies (“Qube”), a U.K. firm with a data center in Iceland. TMTG highlighted Qube’s disclosure in Germany on April 10, 2025, of a nearly six-million share short position in DJT.
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TMTG raised concerns about the timing and location of this disclosure, questioning why a U.K.-based entity would only reveal its short position in Germany. The company further stated that according to Nasdaq data from March 31, 2025, the total short interest in DJT was 10.7 million shares, and that third-party sources indicate this figure remained virtually unchanged at approximately 11 million shares as of April 16, 2025.
The memo emphasizes the lack of clarity surrounding Qube’s trading activities, stating that neither Nasdaq, NYSE Texas, nor any other source has been able to confirm when or if the trades disclosed by Qube were actually conducted.
TMTG drew attention to the historical volatility and scrutiny surrounding its stock, noting that DJT had continuously appeared on Nasdaq’s Regulation SHO Threshold Security List for over two months in 2024. This list identifies securities with a substantial number of unsettled short sales.
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“The above factors, especially when combined with the history of suspicious trading surrounding DJT stock… could be indications of the illegal naked short selling of DJT shares,” the memo stated.
The company urged the SEC to take swift action, demanding an immediate investigation into the matter and a report of the findings back to TMTG and relevant authorities.
The memo concluded with strong language, asserting that “American equities exchanges should be operated with full transparency and maximum efficiency, not as an opaque free-for-all reminiscent of a third-world casino.”
Naked short selling, a practice where investors short sell shares without first borrowing them or determining that they can be borrowed, is illegal under U.S. securities regulations.
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