Trump’s Media Empire Claims Wall Street Is Targeting Its Stock
Tensions are rising between Trump Media & Technology Group and the U.S. Securities and Exchange Commission following new accusations that trading activity around the company’s stock is being manipulated.
On April 17, the media firm sent a memo to the SEC, expressing concern that DJT—the company’s publicly traded stock—may be the target of illegal short-selling practices.
At the heart of the complaint is a controversial trading maneuver known as naked short selling. Unlike traditional short positions, where shares are borrowed before being sold, this practice involves selling without securing the shares first—a loophole that can distort price movement and, in many cases, delay trade settlements. Though largely outlawed after the 2008 financial crisis through Regulation SHO, allegations of its continued use still appear in corners of the market.
Trump Media’s memo specifically points the finger at U.K.-based hedge fund Qube Research & Technologies, which recently revealed it had taken a sizable short position against DJT. The company believes Qube may have engaged in improper shorting methods, citing data that shows short interest in DJT hovering near 11 million shares—virtually unchanged since the end of March.
Further stoking the fire is DJT’s recurring appearance on Nasdaq’s REG SHO Threshold List, a category used to identify securities with persistent settlement failures. Trump Media argues that being flagged on this list for two straight months suggests that substantial volumes of DJT are being sold but not delivered—a possible sign of manipulation.
Despite the accusations, the market hasn’t reacted dramatically. DJT’s stock has shown minor gains this month, recently trading around $20.50. Even with Qube’s short position on record, there’s been no noticeable market correction tied directly to the hedge fund’s disclosure.
Trump Media has previously raised concerns about short-selling abuse. Last year, CEO Devin Nunes brought up similar issues in letters to both Congress and the Nasdaq exchange, but no regulatory action followed. With this latest complaint, the company appears to be renewing its campaign to push regulators into investigating what it believes are unfair trading dynamics impacting its stock.
Whether the SEC chooses to act this time remains to be seen. But the move signals that Trump Media isn’t backing away from its claims—and may be preparing to make stock market manipulation a recurring part of its narrative.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
