As shares of former president Trump Media & Technology Group (TMTG) continue to plummet, CEO Devin Nunes is accusing Wall Street of unfairly betting against the troubled Truth Social parent company.
As CNBC reports, Nunes claimed the company’s stock was the target of “unlawful manipulation” in a letter to a House Republican committee.
Given the company’s astronomically overvalued shares — a gentle reminder that Truth Social made a pitiful $4.1 million in all of 2023, despite being valued at several billion dollars — as well as the sheer chaos going on behind the scenes, Nunes’ accusations are hard to get behind.
Even after the stock cratered following TMTG’s merger with a blank check acquisition company, Trump is still poised to get away with well over a billion dollars.
In his letter to four House committee leaders, Nunes said a probe would make sure that the “perpetrators of any illegal activity can be held to account.”
But whether there’s any proof to back up these accusations remains to be seen, and none of the four leaders have yet responded to CNBC‘s or Politico‘s requests for comment.
Over the last month, TMTG shares have plummeted to well below half of what they were worth following the merger last month. However, they have since recovered somewhat, settling at around $35, a rise of just over seven percent so far today.
Apart from lashing out at short sellers, Trump Media has also been struggling with ongoing litigation, with Trump suing two TMTG co-founders — two former “The Apprentice” contestants, if you can believe it — accusing them of setting the company up for failure.
Nunes’ accusations are also escalating an ongoing beef with Citadel Securities, which is owned by GOP megadonor Ken Griffin.
“Devin Nunes is the proverbial loser who tries to blame ‘naked short selling’ for his falling price,” a Citadel spokesperson wrote in a scathing statement, responding to an alleged letter Nunes wrote to NASDAQ CEO Adena Friedman.
“Nunes is exactly the type of person Donald Trump would have fired on ‘The Apprentice,'” the statement reads. “If he worked for Citadel Securities, we would fire him, as ability and integrity are at the center of everything we do.”
Meanwhile, Trump’s most ardent supporters are unperturbed by all the chaos, happily funneling their hard-earned cash into the meme stock.
After all, the former president’s Truth Social bet was never about establishing any new tech product — it’s a brazen cash grab.
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