Summary
Trump Media, the parent company of the former president’s Truth Social, alerted Nasdaq Inc. on Thursday of what the company suspects is illegal activity driving down the price of its shares. Naked short selling involves someone selling shares they don’t own or have not borrowed. The company, which is majority-owned by former President Donald Trump, is down by around 50% from the all-time high it set on March 26, the day after it merged with a blank-check acquisition company to go public. The company is still worth billions of dollars, but it is struggling to make money and needs cash.