Trump Media CEO Devin Nunes said he would "do whatever it takes" to defend retail investors in the company from possible illegal short selling. Trump Media's stock has sharply fallen from its debut peak, lowering the value of former President Trump's majority stake. Nunes warned Nasdaq about the potential for "naked" short selling of Trump Media stock. Naked short selling involves selling shares that have not been borrowed, betting the price will fall. Trump Media appeared on an SEC list indicating failed trades due to naked short selling. However, the SEC says naked shorting is not inherently illegal and the list is not proof of wrongdoing.
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00:00It's Benzinga, and here's what's on the block.
00:02Trump Media CEO Devin Nunes said he will do whatever it takes to defend retail investors
00:07in the company from possible illegal short-selling. Trump Media's stock has sharply fallen from its
00:12debut price, lowering the value of former President Trump's majority stake. Nunes warned
00:16Nasdaq about the potential for naked short-selling of Trump Media stock. Naked short-selling involves
00:21selling shares that have not been borrowed, betting the price will fall. Trump Media
00:25appeared on an SEC list that can indicate failed trades due to naked short-selling.
00:30However, the SEC says naked short-selling is not inherently illegal,
00:33and the list is not proof of wrongdoing. For all things money, visit Benzinga.com.