DJT stock is now being heavily manipulated and shorted according to information that has surfaced online regarding its trading activity.
Trump Media & Technology Group Corp. is an American media and technology company headquartered in Sarasota, Florida.
It is best known as the owner of Truth Social and for being primarily owned by former U.S. president Donald Trump.
On Friday, DJT stock saw a whopping $11.1 million in put option, just two days prior to Donald Trump’s second assassination attempt on Sunday.
“SOMEONE SHORTED #DJT STOCK WITH $11 MILLION THIS FRIDAY, SEPT 13.
SOMEONE ALWAYS KNOWS.
TRUMP AND HIS COMPANIES ARE UNDER ATTACK.” said The Butcher of Wall Street on X.
Marcel, which has an impressive 96,000 followers on X, believes DJT stock is currently being attacked by naked short selling — a practice used to manipulate the price of shares down through shares that don’t exist.
The practice is illegal, but has been exposed largely by communities holding AMC stock and GameStop shares.
Several CEOs and companies have alleged Wall Street of illegally manipulating their company’s share prices through naked short selling.
Devin Nunes, CEO of Trump Media, has asked the Nasdaq to cooperate in investigating the alleged market manipulation of the company’s shares.
He is seeking trading information from 13 financial firms and wants the Nasdaq to “fulsomely cooperate with any and all congressional or other investigations into these firms,” according to a report from USA Today.
“DJT stock is held by more than 620,000 shareholders, the vast majority of whom are everyday retail investors.
A thorough inquiry into the anomalies of DJT stock trading would help protect these shareholders from any market manipulations and defend them against possible illegal practices by Wall Street insiders,” Nunes wrote in a letter to Nasdaq CEO Adena Friedman.
There is now doubt there are forces trying to bring the Trump name down — the question is why?
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Also Read: NYSE Is Now Reporting A GameStop Price Glitch
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Citadel is now fighting the SEC on the market surveillance system known as CAT, which enables regulators to track trading activity.
Citadel Securities is spearheading an industry pushback against a proposal from exchanges like the New York Stock Exchange and Nasdaq that would require traders to help fund a new market surveillance system, known as the Consolidated Audit Trail (CAT), which has already incurred nearly $1 billion in costs.
Brokers are urging regulators to halt new billing schedules that would mandate their financial contributions to the CAT system, which serves as a comprehensive record of all activity in U.S. equities and options markets—often compared to a “Hubble Telescope” for financial markets.
Until now, exchanges have covered the costs of the CAT.
However, if the U.S. Securities and Exchange Commission (SEC) does not intervene soon, brokers will start receiving bills from the exchanges beginning Tuesday, as the exchanges seek to recover a portion of the promised costs.
The CAT was established after the 2010 flash crash, which made it difficult for investigators to determine the cause of a market drop that erased nearly $1 trillion in value.
The system has been fully operational since 2022, according to Financial Times.
The SEC directed national exchanges and Finra, which oversees brokers, to create the CAT, with the expectation that the trading industry would eventually bear a significant share of the expenses.
Last year, the SEC approved a plan requiring broker-dealers to cover two-thirds of the costs, while exchanges would cover the rest.
Initial payment plans were submitted in January but were suspended pending review, which has yet to be completed.
Last month, exchanges and Finra withdrew their initial payment plans and submitted revised ones with minor changes.
Unless the SEC issues another suspension, brokers will receive bills in October based on September’s trading volumes.
Several regulatory filings and letters from industry groups, including Citadel Securities, Virtu Financial, the American Securities Association, and Sifma, have urged the SEC to suspend the billing process.
Citadel Securities, led by Ken Griffin, warned the SEC that it might seek legal action if the billing is not halted by next week.
Also Read: “The Game is Rigged”, Says Ex-Citadel Data Scientist
The company criticized the new filings as an attempt to extract significant amounts from broker-dealers.
Citadel previously challenged the legality of the CAT funding model in a Florida court, in partnership with the ASA.
That case is still ongoing.
Exchange representatives, including those from the NYSE, Nasdaq, and Cboe Global Markets, declined to comment, as did Finra and the SEC.
However, exchange officials noted that they were instructed by the SEC to implement the CAT and that cost-sharing with the industry was always part of the plan.
They argue that increasing trading volumes have contributed to rising costs.
One executive involved in the CAT project stated, “We’re just recovering our costs. There’s no profit here,” emphasizing that the industry had been resistant to funding the system.
Brokers have raised concerns not only about the costs but also about accountability for any costly missteps during the CAT’s development, as well as the system’s annual operating budget, which now nears $200 million—about five times the original estimates from 2016.
In a market where big player such as Citadel have manipulated prices in their favor, reported inaccuracies, and have taken advantage of the industry — opposing any regulatory means that track its trading activity has been part of their mission for years.
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Also Read: BlackRock Is Now Hit With 54 Counts of Securities Violations
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