U.S. President Donald Trump’s media company, Trump Media & Technology Group, urged federal regulators on Thursday to investigate trading activity linked to its struggling stock.
Public transport Letter Truth Social, the firm behind Truth Social’s allegations to Securities and Exchange Commission (SEC) Acting Chairman Mark Uyeda that UK-based Qube engaged in illegal short sales of DJT shares.
Qube does not respond immediately to queries Decrypt’s Request for comments
TMTG alleged Qube had disclosed in Germany, on 10 April, a position in short of 6 million shares worth $105,000,000, but did not inform regulators within its jurisdictions. Trump Media also claimed, citing third party sources, that Qube’s holdings have nearly doubled in the past year to 11,000,000 share.
A Trump Media representative wrote: “We encourage you to investigate immediately this suspicious trading, and to report any findings to TMTG or civil authorities and criminals as appropriate.”
The allegations come as Trump Media’s shares plummet following the firm’s struggles against a slew of legal and financial challenges—including an investigation into whether its social media platform Truth Social facilitated money laundering and boasted ties to Russian actors.
TMTG reported that it closed the last financial year with a revenue of less than $4 Million and an operating loss of 400 million dollars. Disclosures. TMTG’s shares closed the day at $22,04, down by 35% since the start of the year.
Trump Media has also been negotiating with other crypto-industry players including An Exclusive partnership with Crypto.com For a number of ETFs that have not yet been launched.
Trump’s company Qube is the latest to call on the SEC for an investigation. The company had filed a lawsuit against the SEC in January. sued A Brazilian Supreme Court Judge, saying that the U.S. Free Speech Protections were violated when he tried to shut down the accounts of right-wing supporters of former Brazilian President Jair Bolsonaro.
In 2023, TMTG sued A defamation action is currently ongoing against 20 media organisations.
James Rubin is the editor
