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Trump Media tells Nasdaq short sellers may be using “potential market manipulation” in DJT shares

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Trump Media & Technology Group is alerting the Nasdaq exchange that its stock — trading under the ticker DJT, after former President Donald Trump’s initials — may be the victim of “potential market manipulation” due to short-selling activity. 

The letter, which was sent Thursday to Nasdaq CEO Adena T. Friedman, claims that some traders are relying on so-called “naked” short selling, which is when an investor shorts a stock without first borrowing the shares. It’s a practice that is effectively banned in the U.S., with regulators requiring trading firms to make sure that traders have the securities on hand to complete a short sale. 

The complaint comes after a wild ride for Trump Media’s stock since going public last month on the Nasdaq exchange. The shares lost two-thirds of their value from an initial peak, slicing billions of value from the fledgling media business, whose primary asset is the social media service Truth Social.

While Trump Media has regained some of that lost ground, rising 20% this week through Monday morning trading, some investors had complained on Truth Social that they suspected short sellers were contributing to the decline. 

“Reports indicate that, as of April 3, 2024, DJT was ‘by far’ ‘the most expensive U.S. stock to short,’ meaning that brokers have a significant financial incentive to lend non-existent shares,” Trump Media CEO Devin Nunes, a former Republican congressman from California, wrote to April 18 letter to the Nasdaq CEO.

Nunes asked for Nasdaq to “advise what steps you can take to foster transparency and compliance by ensuring market makers are adhering” to regulations that block naked short selling. 

Nasdaq is “committed to the principles of liquidity, transparency and integrity in all our markets,” the said in a statement to CBS MoneyWatch, the stock exchange said.

“We have long been an advocate of transparency in short selling and have been an active supporter of the SEC’s rules and enforcement efforts designed to monitor and prohibit naked short selling,” it added.

Short selling, which is legal, occurs when a trader borrows shares of a stock they believe will lose value, and then immediately sells the borrowed shares on the market for cash proceeds. Later on, if the stock price falls, the trader purchases that stock at the lower price, and returns the shares to their trading firm, pocketing the difference in value. The short seller’s goal is to purchase the stock at a lower price than the borrowed shares, in order to profit from its decline.

But “naked” short selling, which is illegal in the U.S. if done intentionally, skips the step where the trader borrows shares of the stock. Naked shorts can lead to large declines in a target company’s stock price, while also undermining market confidence, according to law firm Kohn, Kohn & Colapinto.



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Archaeologists in Chile race against time, climate change to preserve ancient mummies

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The world’s oldest mummies have been around longer than the mummified pharaohs of Egypt and their ornate tombs — but the ravages of time, human development and climate change are putting these relics at risk.

Chile’s Atacama Desert was once home to the Chincorro people, an ancient population that began mummifying their dead 5,000 years ago, two millennia before the Egyptians did, according to Bernando Arriaza, a professor at the University of Tarapaca. 

The arid desert has preserved mummified remains and other clues in the environment that give archaeologists information about how the Chincorro people once lived. 

The idea to mummify bodies likely came from watching other remains naturally undergo the process amid the desert’s dry conditions. The mummified bodies were also decorated with reed blankets, clay masks, human hair and more, according to archaeologists. 

While UNESCO has designated the region as a World Heritage Site, the declaration may not save all of the relics. Multiple museums, including the Miguel de Azapa Archaeological Museum in the ancient city of Arica, put the Chincorro culture on display. Some mummies and other relics are safely ensconced in those climate-controlled exhibits, but the remains still hidden in the arid desert remain at risk. 

“If we have an increase in sea surface temperatures, for example, across the coast of northern Chile, that would increase atmospheric humidity,” said Claudio LaTorre, a paleo-ecologist with the Catholic University of Chile. “And that in turn would generate decomposition, (in) places where you don’t have decomposition today, and you would lose the mummies themselves.” 

Other clues that archaeologists can find in the environment may also be lost. 

“Human-induced climate change is one aspect that we’re really worried about, because it’ll change a number of different aspects that are forming the desert today,” said LaTorre. 

Arriaza is working to raise awareness about the mummies, hoping that that will lead to even more preservation. 

“It’s a big, big challenge because you need to have resources,” Arriaza said. “It’s everybody’s effort to a common goal, to preserve the site, to preserve the mummies.” 



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Driver in deadly July 4th NYC crash arraigned on host of charges

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NEW YORK – The man accused of killing three people when drove drunk into a crowd on the Lower East Side on July 4th was arraigned on a host of charges Saturday. 

Daniel Hyden of Monmouth Junction, N.J. is charged with aggravated vehicular homicide, aggravated vehicular assault, manslaughter, assault and operating a motor vehicle while intoxicated charges. Hyden was driving with a suspended license, prosecutors said. 

According to prosecutors, Hyden, 44, drove a Ford F-150 pickup truck into the crowd at Corlears Hook Park just before 9 p.m. local time. He allegedly ran through a stop sign at the intersection of Water and Cherry Streets, drove up onto the sidewalk, slammed through the chain link fence, and into the crowd. 

Eleven people were killed or injured, prosecutors said. The three people killed have been identified as Lucille Pinkney, 59, and her son Herman Pinkney, 38, and Ana Morel, 43. Another person was critically injured, and seven others hospitalized. The youngest victim was 11, according to prosecutors. 

Responding police officers say they found Hyden on the ground next to the driver’s-side door, wearing pants but no shirt or shoes. He had bloodshot eyes, was stumbling and there was “a strong odor of an alcoholic beverage on his breath.” 

“I hope we get justice”

Photos of Herman Pinkney, Lucille Pinkney and Ana Morel.
Three people were killed in an alleged drunk driving crash on the Lower East Side on July 4, 2024. Two of the victims have been identified as Herman Pinkney, 38, and his mother Lucille, 59. The third victim has been identified as 43-year-old Ana Morel.

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On Friday, Family members of the victims returned to the scene, some breaking down in tears. 

“I hope we get justice for my brother and my mother,” Diamond Pinkney said. “Herman, I love you. I’m going to do you proud.”   

“We’re all devastated with this. It breaks my heart, and I’m so sad about it,” neighbor Nereida Garcia said.



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