Trump Media Shares Jump After CEO Alleges Stock Manipulation

Trump Media & Technology Group shares jumped more than 9% Wednesday after CEO Devin Nunes sent a letter to allies on Capitol Hill asking them to investigate potential manipulation of the company’s stock, reported CNBC.

Nunes in a letter to lawmakers Tuesday suggested there were “strong indications of unlawful manipulation of DJT stock” and asked them to investigate “whether any laws including RICO statutes and tax evasion laws were violated, so that the perpetrators of any illegal activity can be held to account.”

He said “a thorough and expeditious investigation” of Trump Media & Technology Group, the parent of former President Donald Trump’s Truth Social media platform, should include collecting trading data from the Securities and Exchange Commission’s massive trading database known as the Consolidated Audit Trail, the Financial Industry Regulatory Authority, and the clearinghouse for U.S. stock trades.

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