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Trump Media Calls for SEC Probe into Hedge Fund's $105 Million Short Position

The company alleges potential illegal naked short-selling by UK-based Qube Research & Technologies and questions the transparency of its trading activities.

The Nasdaq Market site is seen on the day that shares of Truth Social and Trump Media & Technology Group start trading under the ticker "DJT", in New York City, U.S., March 26, 2024. REUTERS/Shannon Stapleton/FilE Photo
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Simpson Thacher is the latest law firm to enter into a agreement to provide pro bono legal services to causes aligned with President Donald Trump.
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Overview

  • Trump Media has formally petitioned the SEC, FINRA, Nasdaq, and NYSE to investigate Qube Research & Technologies' significant short position in its stock.
  • Qube disclosed a $105 million short position in Trump Media through a German regulatory filing, raising concerns about cross-border transparency and trading practices.
  • The company alleges that persistent unexplained trading patterns and unchanged short interest levels could indicate illegal naked short-selling.
  • Trump Media highlighted its stock's prior appearance on Nasdaq’s Regulation SHO Threshold List as further evidence of suspicious trading activity.
  • Qube defends its position as driven by quantitative models and not reflective of the company's fundamentals, while regulators have yet to respond publicly to the allegations.