Trump Media wants the SEC to investigate a hedge fund that has a $105 million short on the company
Trump Media is urging the SEC to investigate a hedge fund's short position in its stock.
Earlier this week, Qube Research disclosed a $105 million short position on the stock.
The firm says the SEC should look into "potential manipulation."
Trump Media & Technology Group, the parent company of Truth Social, wants the Securities and Exchange Commission to investigate a hedge fund that's shorting its stock, claiming "potential manipulation."
Qube Research & Technologies disclosed a net short position in Trump Media earlier this week, with the total value of the position at about $105 million.
The UK-based hedge fund's disclosure was made to comply with Germany's short-selling regulations.
In an email statement to Business Insider, Qube said its short position in Trump Media was based on its quantitative model and not on the company's fundamentals.
Trump Media asked the SEC to investigate the trading activity of its stock and singled out Qube.
In a memo released on Thursday, Trump Media asked Mark Uyeda, the acting chair of the SEC, to "immediately investigate this suspicious trading and report your findings back" to the company.
Trump Media, which counts President Donald Trump's trust as a majority owner, is taking issue with the potential for naked short-selling of its stock.
That occurs when a company's stock is sold short by an investor who hasn't borrowed the stock in the first place. The practice is illegal, and companies sometimes use claims that it's happening as a scapegoat for a falling stock price.
Shares of Trump Media have plunged 39% year to date and are down 62% from their late-October peak.
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Trump Media said that the total number of shares sold short from March 31 through Wednesday remained virtually unchanged at about 11 million.
It said it believed the short-selling data didn't line up with the position initiated by Qube.
"The above factors, especially when combined with the history of suspicious trading surrounding DJT stock-including DJT appearing on Nasdaq's Regulation SHO Threshold Security List continuously for more than two months in 2024-could be indications of the illegal naked short selling of DJT shares," the firm said in the memo.
This isn't the first time Trump Media has called for investigations into the trading activity of its stock.
In June, the company asked the Nasdaq and Congress to look at "anomalies" related to the trading of its shares.
Read the original article on Business Insider
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