A London-based hedge fund has drawn the ire of Donald Trump’s growing media company after a big bet against the president’s stock was disclosed to federal regulators this week.
Now, Trump Media & Technology Group is raising questions over trades conducted by Qube Research & Technologies, and insisting that market regulators investigate the firm’s “suspicious activity,” the Guardian reported Thursday.
“Earlier this week, Qube revealed a significant short position in Trump Media via filings with Germany’s federal Gazette Bundesanzeiger,” according to the Guardian report. “It disclosed a position of almost 6M shares, according to Trump Media.”
“Short-selling is a way of betting against a public company,” the report added. “An investor borrows a stock, and then sells it on; should the stock fall, the investor then buys it back and pockets the difference.”
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In a memo to the U.S. Securities and Exchange Commission, Trump Media said the company’s total short interest was 10.7 million as of March 31, according to the Guardian, which cited Nasdaq. By Wednesday the shares had risen to only about 11 million, the publication added.
These elements, “especially when combined with the history of suspicious trading surrounding DJT stock … could be indications of the illegal naked short selling of DJT shares,” Trump Media argued.
In addition to the president’s Truth Social platform, Trump Media announced investment accounts this week influenced by his administration’s MAGA agenda, including “Made in America,” and “Energy Independence,” the Guardian reported.
