Trump Media & Technology Group Corp. (NASDAQ:DWAC) has raised concerns over potential stock manipulation in a detailed letter addressed to the chairmen of four U.S. House of Representatives committees.
The letter, dated April 23, 2024, points to DWAC’s stock inclusion on Nasdaq’s "Reg SHO threshold list" since April 2, 2024, which indicates unlawful trading activities.
CEO Devin Nunes highlighted in the letter the urgent need for a comprehensive investigation into the trading of DWAC shares.
He identified four major market participants who are responsible for a substantial volume of the traded shares, suggesting possible violations of RICO statutes and tax evasion laws.
Nunes has called for the collection of detailed trading data and emphasized the importance of protecting retail investors from potential market manipulations.
He also suggested that regulatory and legislative measures may be necessary to address these issues.