The stock price for Donald Trump’s TruthSocial parent company has been struggling since it went public late last month, but instead of consulting financial experts who could explain the reasons behind this, CEO Devin Nunes is doling out blame and begging for rescue.
Now he’s asking Congress to help — after he filed a letter with NASDAQ to claim that mysterious and malevolent short-sellers were manipulating shares to hurt the company and make Trump look bad.
However, major financial institutions that handle stock trading between consumers didn’t hurry to his rescue and help gild the company’s image by agreeing that short-sellers were likely to be at fault.
Instead, at least one fired back harshly, calling Nunes a “proverbial loser” and asserting that he was just looking for someone to blame.
So, Nunes is taking his claim to his former colleagues in Congress, where he is holding out hope that Trump’s elected allies will back him up. He’s contacted the Chairs of at least 4 House Committees — Judiciary, Financial Services, Ways & Means, and Oversight & Reform — to ask for an investigation into the company’s failing stocks. Bloomberg reported:
“Trump Media reiterated in the letter its previous assertion that four market participants were responsible for over 60% of the extraordinary volume of the shares traded, including Citadel Securities, Virtu Americas, G1 Execution Services and Jane Street Capital. The data cited by Trump Media don’t necessarily reflect any unusual activity or indicate any wrongdoing.”
Nunes has been appearing on right-wing media throughout this saga, appearing last week to claim that banks and Joe Biden are conspiring to hurt his stock price and to declare that if it’s not true, then banks should want to help him investigate, instead of returning personal attacks for his false accusations.
Trump Media CEO Devin Nunes says he has hundreds of thousands of smaller MAGA investors in Trump Media, and they are calling him asking why the stock is tanking, so he filed a complaint with the SEC and says Biden is conspiring with Wall Street bankers to screw him. pic.twitter.com/ZxTEmxeN0J
— Ron Filipkowski (@RonFilipkowski) April 20, 2024
In another appearance this week, Nunes declared that he is “not stupid,” and implied that a cabal of conspirators exist who “think we’re not gonna figure it out.” He added:
“We know that all the big banks in this country are not going to recommend our stock, they’re not going to put it into their fund, so we’re relying on retail investors to invest in the stock.”
The same appearance of insufficient value that keeps banks from recommending the stock, though, could also turn away individual investors — and for stock in a company that’s not showing profits, a stock that’s being called a “meme stock” by experts, that could be Nunes’ primary problem.
Watch below.
Trump Media CEO Devin Nunes said he has experience from his days in Congress doing investigations, and he is going to find out which nefarious actors are causing his stock to plummet: “If they think we’re not gonna figure it out I got news for them – we gonna come after them.” pic.twitter.com/hrHTNfYNhH
— Ron Filipkowski (@RonFilipkowski) April 23, 2024
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