This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
19.04.2024 - 23:08 / wccftech.com / 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.
Trump Media and Technology Group (NASDAQ: DJT) appears to have settled on short-sellers - particularly of the "naked" variety - as the prime culprit behind the stock's relentless decline in the past few days, judging by a letter that Truth Social's parent company has now sent to the Nasdaq index.
To wit, Trump Media and Technology Group has now penned a letter to urge the Nasdaq exchange to probe its inclusion in the so-called threshold list:
For the benefit of those who might not be aware, the threshold list is published by various exchanges and includes stocks that have an aberrantly high number of "fail to deliver" (FTDs) shares. FTDs might be indicative of naked short-selling activity, an illegal activity where a short-seller sells the shares of a stock without first borrowing them.
Trump Media and Technology Group's letter goes on to note:
We noted recently that Trump Media and Technology Group has now given up almost all of its post-merger gains on the back of two distinct liquidation waves, with the first such wave precipitated by the company's disclosure that its Truth Social platform raked in a paltry $4.131 million in revenue in the entire of 2023, incurring a net loss of over $58 million, and the second major downward leg prompted by a filing with the SEC for the issuance of 21.491 million shares upon the exercise of the company's warrants.
We also noted in our previous post on this topic that, given the dearth of freely available shares for shorting, it is currently quite expensive to take a bearish position in Trump Media and Technology Group, as indicated by the stock's high short borrow fee.
Do note that just a few days back, Trump Media had published a comprehensive list of FAQs to address some of the most pressing concerns of its investors. Among other answers, the company advised investors to contact their respective brokers to restrict their shares from being loaned out for short positions.
While it remains premature to conclude that stock manipulation is definitively responsible for Trump Media's recent woes, it is patently clear that there is enough turbulence here to merit a thorough investigation. On the flip side, today's development might simply be an attempt to shift the focus away from the company's poor fundamentals.
This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
Fallout 5 won't start development until after The Elder Scrolls 6 launches, so we're a long way off from the next numbered game in the series, but the Amazon show has ignited a newfound hype in the franchise. So, the question is whether a third party will develop a spin-off akin to Obsidian's New Vegas in the meantime.
This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
Against The Storm's latest update adds a a River Kelpie, a "legendary water demon" that can mesmerise villagers in your rain-slick settlements. I've been mesmerised myself by another part of the update, however: the ability to zoom out 66% further than before.
This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
Former developers of futuristic racing classic WipEout - including the series’ co-creator - have formed a new studio with the co-creator of Skate to work on a new sci-fi sports game.
Baldur's Gate 3's Patch 7 is in the works, and it sounds like it's going big on evil endings for the game, even if you aren't playing as the Dark Urge.
The boss of Helldivers 2 developer Arrowhead has addressed player concern about bugs (not those bugs) as the studio continues to release new content and new premium warbonds.
This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
Dead Boy Detectives showrunners Steve Yockey and Beth Schwartz have plans for not just a potential season 2 of the upcoming Netflix show, but a season 3 and beyond.
Given that they worked together on two Scream movies beforehand, it's impossible not to compare Melissa Barrera's newest horror collaboration with directors Matt Bettinelli-Olpin and Tyler Gillett to the Ghostface-fronted franchise. Abigail, the trio's latest, is similar in tone, too, as its characters try to make sense of the bonkers situation they've found themselves in through vampire pop culture.