- Trump Media's leadership is convinced short sellers are manipulating its stock.
- The company wants Nasdaq's help to investigate the alleged "naked" short selling.
- CEO Devin Nunes has been trying to crack down on short-sellers betting against the company.
Donald Trump's media company is doubling down on claims there's something fishy with its stock — and it wants the Nasdaq's help investigating.
In another letter to Nasdaq CEO Adena Friedman on Tuesday, Devin Nunes — the president of Trump Media and Technology Group — raised concerns about potential "manipulation."
Nunes wants to investigate whether "Wall Street insiders" are engaged in naked short selling the stock, which trades under the DJT ticker. Illegal naked short sales involve shares that haven't actually been borrowed.
Nunes and Trump Media have been trying to crack down on short-sellers who've been betting against the Truth Social company — which many of its supporters have blamed for its bumpy performance.
Nunes first wrote to Friedman in April because DJT was being hit with FTDs — or Failure to Delivers — resulting from naked short sales. FTDs increased in May, Nunes wrote Tuesday.
As a result, he wants to obtain trading information from 13 financial firms. He said in the letter he's made the request to Congress, and wants Nasdaq to "fulsomely cooperate with any and all congressional or other investigations into these firms."
The Nasdaq did not immediately respond to a request for comment from Business Insider.
One of the firms, Citadel Securities, previously called Nunes a "loser" for blaming DJT's losses on shorts.
Trump Media shares have been on a rollercoaster since the stock debuted in March. The company said it lost $327 million last quarter in its most recent earnings report.
Despite the heavy losses and paltry reported revenues, the stock has ballooned in value thanks, in part, to meme-stock retail buyers and supporters of Donald Trump, who owns the lion's share of the company.
As of Wednesday, Trump Media had a market capitalization of roughly $8 billion.
