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Trump Media Presses SEC to Investigate Qube's $105 Million Short Position

The company alleges potential illegal naked short-selling after discrepancies in trading data and a sharp decline in its stock price.

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 & Technology Group has formally requested the SEC to investigate Qube Research & Technologies for potential stock manipulation.
  • Qube disclosed a $105 million short position in Trump Media stock, equating to approximately 6 million shares, via a German regulatory filing on April 10.
  • Trump Media claims that short interest data from Nasdaq, which showed 10.7 million shares shorted as of March 31, has remained largely unchanged through April 16, raising concerns about trading anomalies.
  • The company suggests that discrepancies in Qube's disclosed trades and Nasdaq's records could indicate illegal naked short-selling, a practice where stocks are shorted without being borrowed first.
  • DJT shares have fallen 39% since the start of 2025 and are down 62% from their October 2024 peak, intensifying scrutiny over alleged manipulation.