Trump Media & Technology Group has fired another salvo in its war on short sellers betting against Donald Trump’s namesake social media company.

Devin Nunes, CEO of Trump Media, has asked the Nasdaq to cooperate in investigating the alleged market manipulation of the company’s shares.

He is seeking trading information from 13 financial firms and wants the Nasdaq to "fulsomely cooperate with any and all congressional or other investigations into these firms."

“DJT stock is held by more than 620,000 shareholders, the vast majority of whom are everyday retail investors. A thorough inquiry into the anomalies of DJT stock trading would help protect these shareholders from any market manipulations and defend them against possible illegal practices by Wall Street insiders,” Nunes wrote in a letter to Nasdaq CEO Adena Friedman.

Nunes first wrote to Friedman in April to alert the exchange to "potential market manipulation." The Nasdaq could not be immediately reached for comment.

One of the firms targeted by Nunes, Citadel Securities − run by Republican megadonor Ken Griffin − called Nunes a "loser" for blaming Trump Media's losses on short selling.

Short sellers don't actually own the shares, but borrow them and then sell them, betting the stock will fall so they can buy back the shares at a lower price and keep the difference. 

Trump Media has accused financial firms of engaging in naked short sales, which involve betting a stock will fall without borrowing or owning the shares. Such a practice can be illegal. 

Historically, short selling has been a scapegoat for companies struggling under market pressure.

“Nunes may be trying to divert attention from the fact that the management of Trump Media is struggling in its attempt to grow its revenue and become profitable,” said Jay Ritter, a finance scholar at the University of Florida. “Whether there is naked short selling going on or not, it is hard to justify an $8 billion market cap for a struggling firm with $4 million in annual revenue.”

Trump owns 65% of the shares in the parent company of the Truth Social app. The stock trades under the vanity DJT ticker.

Volatility has been the stock’s governing principle since it began trading after the merger with shell company Digital World Acquisition Corp. in  March. It has swung wildly from a high of $79.38 a share at the close of March 26 to its lowest close of $22.84 on April 16. It closed up 3% at $46.75 on Wednesday. 

Trump Media’s market cap of $8 billion rests almost entirely on the Trump brand and his loyal following, including small-time investors who’ve shown their support for him by propping up the stock. 

Trump Media reported a first-quarter net loss of $327.6 million on less than $1 million in revenue.

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