--- title: "CEO of Trump Media Trying to Figure Out Why Its Stock Keeps Falling" description: "Trump Media & Technology Group CEO Devin Nunes is accusing Wall Street of unfairly betting against the pump-and-dump scheme." date: "2024-04-24" modified: "2024-04-24" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/ceo-trump-media-figure-out-why-stock-falling" categories: - "Future Society" tags: - "donald trump" - "trump media" - "truth social" - "wall street" --- # CEO of Trump Media Trying to Figure Out Why Its Stock Keeps Falling ![Trump Media & Technology Group CEO Devin Nunes is accusing Wall Street of unfairly betting against the pump-and-dump scheme.]() *\Image: Matt McClain-Pool/Getty Images\* As shares of former president Trump Media & Technology Group (TMTG) [continue to plummet](), CEO Devin Nunes is accusing Wall Street of unfairly betting against the [troubled Truth Social parent company](). As [*CNBC* reports](), Nunes claimed the company's stock was the target of "unlawful manipulation" in a letter to a House Republican committee. Given the company's [astronomically overvalued shares]() — a gentle reminder that Truth Social [made a pitiful $4.1 million]() in all of 2023, despite being valued at several *billion* dollars — as well as the sheer chaos going on behind the scenes, Nunes' accusations are hard to get behind. Even after the stock cratered following TMTG's merger with a blank check acquisition company, Trump is still poised to get away with [well over a billion dollars](). In his letter to four House committee leaders, Nunes said a probe would make sure that the "perpetrators of any illegal activity can be held to account." But whether there's any proof to back up these accusations remains to be seen, and none of the four leaders have yet responded to *CNBC*'s or [*Politico*'s]() requests for comment. Over the last month, TMTG shares have plummeted to well below half of what they were worth following the merger last month. However, they have since recovered somewhat, settling at around $35, a rise of just over seven percent so far today. Apart from lashing out at short sellers, Trump Media has also been struggling with ongoing litigation, with Trump [suing two TMTG co-founders]() — two former "The Apprentice" contestants, if you can believe it — accusing them of setting the company up for failure. Nunes' accusations are also escalating an ongoing beef with Citadel Securities, which is owned by GOP megadonor Ken Griffin. "Devin Nunes is the proverbial loser who tries to blame 'naked short selling' for his falling price," a Citadel spokesperson wrote in a [scathing statement](), responding to an [alleged letter]() Nunes wrote to NASDAQ CEO Adena Friedman. "Nunes is exactly the type of person Donald Trump would have fired on 'The Apprentice,'" the statement reads. "If he worked for Citadel Securities, we would fire him, as ability and integrity are at the center of everything we do." Meanwhile, Trump's most ardent supporters are unperturbed by all the chaos, [happily funneling]() their hard-earned cash into the meme stock. After all, the former president's Truth Social bet was never about establishing any new tech product — it's a brazen cash grab. **More on Trump:** *[Trump Can’t Seem to Stop Falling Asleep in Court]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()