Truth Social ( (DJT) ) has risen by 16.43%. Read on to learn why.
Truth Social, operated by Trump Media & Technology Group, has seen its stock price rise by 16.43% over the past week. This surge comes amid allegations of market manipulation and illegal naked short selling by the U.K.-based hedge fund Qube Research & Technologies. Trump Media has called for an immediate investigation by the U.S. Securities and Exchange Commission (SEC) into these suspicious activities, which they believe have artificially influenced their stock price.
The company has expressed concerns over Qube’s significant short position, which was disclosed only in Germany despite the stock being traded on the U.S. Nasdaq. Trump Media argues that this lack of transparency and potential illegal trading practices have contributed to the volatility in their stock price. The company’s memo to the SEC highlights the need for better oversight of American equities exchanges to prevent such manipulative practices.
Despite these challenges, technical analysis signals a ‘Buy’ sentiment for Truth Social’s stock, with several indicators pointing towards a bullish outlook. The company’s market cap currently stands at $4.4 billion, and it continues to focus on media and technology integration. Investors remain interested in the stock, driven by the ongoing developments and the company’s strategic initiatives in the digital platform space.