This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
Trump Media and Technology Group (DJT) Urges Its Investors To Pursue a 3-Step Plan To Crush Short-Sellers
23.04.2024 - 13:40 / wccftech.com / Donald Trump / Rohail Saleem
This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
Perhaps in a bid to secure Donald Trump's performance award or to divert attention away from its poor fundamentals, Trump Media and Technology Group (NASDAQ: DJT) has remained laser-focused on the issue of "naked" short-selling of its shares over the past few days. Now, the embattled company has come up with a 3-step plan to combat what it sees as the artificial depression of its share price.
The Back and Forth Between Trump Media and Technology Group (DJT) and Citadel
On the 17th of April, Trump Media and Technology Group published a comprehensive list of FAQs to address investor concerns, including those related to short-selling. Specifically, the company advised its investors to contact their respective brokers to restrict their shares from being loaned out for short positions.
Related Story Trump Media and Technology Group Writes a Letter to the Nasdaq Exchange To Complain About “Market Manipulation” by Short-Sellers
Then, on the 19th of April, Trump Media penned a letter to urge the Nasdaq exchange to probe the "naked" short-selling of its shares as well as its inclusion in the so-called threshold list. In the letter, the company identified four market-makers as the purported culprits behind the manipulation of its share price:
This then prompted Citadel to issue a scathing rebuke against the CEO of Trump Media and Technology Group, Devin Nunes.
In what is the crème de la crème of Citadel's response, the firm noted:
This statement then prompted a predictable backlash from Trump Media:
Trump Media went on to note:
3-Step Plan to Combat Short-Sellers
This brings us to the crux of the matter. Trump Media and Technology Group has now published a 3-step plan for its investors to combat rampant short-selling. Specifically, the company wants its investors to:
- Hold their DJT shares in a cash account at their brokerage firm instead of a margin account.
- Opt out of any securities lending programs.
- Move their shares to a Direct Registration (DRS) account at the Company’s transfer agent, Odyssey Transfer & Trust Company.
Of course, as this drama continues, Donald Trump has apparently qualified for a significant performance award. Specifically, Trump is now eligible to receive DJT "earnout" shares worth around $1.3 billion after the company's stock remained above the $17.50 price level for 20 trading days following its listing on the 26th of March.
Trump Media and Technology Group has experienced two distinct liquidation waves recently, with the first such wave precipitated by the company's disclosure that its Truth Social platform raked in a paltry $4.131 million in
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