- Qube disclosed a nearly six-million share short position of DJT stock in Germany, raising questions about transparency and trading methods.
- TMTG cited suspicious activity patterns, including DJT appearing on Nasdaq’s Regulation SHO Threshold Security List for over two months in 2024.
Trump Media & Technology Group (TMTG) sent a formal memo to the U.S. Securities and Exchange Commission on April 17, 2025, flagging potentially illegal naked short selling and market manipulation of its stock. The company, which operates Truth Social, Truth+, and Truth.Fi, expressed concern over a disclosure filed in Germany by U.K.-based hedge fund Qube Research & Technologies revealing a significant short position in DJT shares.
According to the memo addressed to Acting SEC Chairman Mark Uyeda, Qube disclosed a nearly six-million share short position in TMTG on April 10, 2025. TMTG noted that total short interest in DJT was approximately 10.7 million shares as of March 31, and remains virtually unchanged at around 11 million shares as of April 16, based on information from third-party sources.
Suspicious Trading Activity Concerns
The company highlighted several concerning factors in its communication, stating: “a U.K.-based entity, with a data center in Iceland, only disclosed these short sales in Germany.” TMTG further noted that neither Nasdaq, NYSE Texas, nor any other source has confirmed when the trades disclosed by Qube were conducted or if they occurred at all.
TMTG pointed to a history of suspicious trading surrounding its stock, including DJT appearing on “Nasdaq’s Regulation SHO Threshold Security List continuously for more than two months in 2024,” which it suggested could indicate illegal naked short selling of DJT shares.
Call for Immediate Investigation
In its memo, TMTG urged immediate investigation into the suspicious trading activity, requesting that findings be reported back to the company and relevant civil and criminal authorities. The company emphasized that American equities exchanges “should be operated with full transparency and maximum efficiency, not as an opaque free-for-all reminiscent of a third-world casino.”
TMTG describes itself as a company with a mission “to end Big Tech’s assault on free speech by opening up the Internet and giving people their voices back.” Beyond its social media platform Truth Social, the company operates Truth+, a TV streaming platform, and is launching Truth.Fi, a financial services and FinTech brand focused on “America First investment vehicles.”
The memo was also copied to the Financial Industry Regulatory Authority (FINRA), Nasdaq, and the New York Stock Exchange, highlighting TMTG’s efforts to involve multiple regulatory bodies in addressing its concerns about potential market manipulation.
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