• Trump Media is stepping up its efforts to stop short sellers from betting against DJT shares.

• CEO Devin Nunes sent a letter to Nasdaq demanding action against so-called naked short selling.

• Trump Media updated its FAQ on Thursday with advice for retail investors on how to avoid short selling.

Trump Media and Technology is trying to make it harder for short sellers who want to bet against the company’s stock. Company CEO Devin Nunes described the company’s recent efforts as a case of market manipulation.

In a letter to Nasdaq CEO Adena Friedman, Nunes expressed concerns about so-called naked short selling of DJT shares and called on exchange-listed brokers to disclose their net short positions.

“DJT appears on Nasdaq’s ‘Reg SHOthreshold list,’ indicating illegal trading activity,” said the letter, published Friday by the U.S. Securities and Exchange Commission (SEC). “This is particularly troubling because ‘naked’ short selling often results in sophisticated market participants profiting at the expense of retail investors.”

Naked short selling is a prohibited form of investing in which the stocks being bet on are never secured or borrowed. This can artificially distort market supply and fuel volatility.

Nunes’ letter comes a day after the company updated FAQs on its website to offer suggestions on how long-term investors can avoid short selling of their shares, including exiting securities lending programs and transferring the shares to a retirement account.

Since Trump Media’s IPO last month, short selling has been a major reason for the steep losses DJT has suffered since then, at least among the company’s most loyal supporters. On Friday, the stock rose as much as 10.4%, and Truth Social users celebrated Nunes’ comment.

“Looks like @DevinNunes and his team are going to go down in history as the heroes who finally defeated the Naked Shorts!” one user wrote on Friday. Trump Media is the parent company of the platform.

However, Friday’s high is still about 44 percent below its March peak. Shares have fallen sharply due to the company’s disappointing fundamentals after it reported a $58 million revenue loss last year.

For company founder Donald Trump, this meant a massive loss of his stake, which was once worth over $5 billion. Instead, he had lost over $3.3 billion as of Tuesday due to DJT’s demise.

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