Trump Media & Technology Group is asking Congress to investigate its suspicions that illegal activity is driving down its share price. In a letter disclosed on Wednesday, Devin Nunes, the CEO of Truth Social owner Trump Media , alerted the GOP Chairmen of the House Ways and Means, Judiciary, Financial Services and Oversight Committees to the “urgent matter” of “potential manipulation” of the company’s share price.
“The reason that short sellers want to short the stock is because the stock is overvalued,” said Jay Ritter, a finance professor at the University of Florida. “It does not require a PhD in finance to come to the conclusion that the stock is wildly overvalued and is almost certain to fall in price.” Trump Media recently reported losing $58 million in 2023 on very little revenue.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Marjorie Taylor Greene won’t say what happened to her Trump Media stockTrump Media is the parent company of the former president's social media app, Truth Social.
Source: CNBC - 🏆 12. / 72 Read more »
Donald Trump Poses a Unique Threat To Truth Social, Says Truth SocialA new SEC filing details all the ways that Trump Media thinks Donald Trump himself could be a major risk to the company.
Source: WIRED - 🏆 555. / 51 Read more »
When It Comes To Truth Social, Republicans In Congress Aren’t Buying What Trump’s SellingI took an unusual route to get here. In a past life, I worked as a travel and food writer, which is how I got the assignment in 2016 to cover the grand opening of the Trump International Hotel in Washington, D.C., just a couple miles from my home.
Source: ForbesTech - 🏆 318. / 59 Read more »
Trump Media shares close down by more than 5%, latest grim day for Truth Social ownerThe biggest shareholder in Trump Media is Donald Trump, the presumptive Republican presidential nominee.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »
Truth Social owner Trump Media lost $58 million in 2023Less than a week after a flashy stock market debut, Donald Trump’s social media company is disclosing that it lost nearly $58.2 million in 2023. Last year’s losses for Trump Media & Technology Group — whose flagship product is Truth Social — mark a stark decline compared to a profit of $50.
Source: AP - 🏆 728. / 51 Read more »
Trump's net worth plunges $1 billion as his Truth Social media stock tumblesShares of Truth Social owner Trump Media & Technology Group plunged Monday after the company disclosed that it lost more than $58 million and generated very little revenue in 2023.
Source: ABC7Chicago - 🏆 284. / 63 Read more »