Trump Media and Technology, backed by Donald Trump, may be the target of market manipulation, according to CEO Devin Nunes wrote a letter to Nasdaq CEO Adena Friedman on Friday. 

He alleges shares of the social media company, which trade under the ticker DJT, have been the target of short selling. This is when an investor makes a bet shares will fall. The former president is the largest single shareholder in the company. 

The stock, which went public in March 2024, rose as high as $79 per share giving Trump a paper net worth of about $9 billion. Since, the stock has dropped, valuing that stake at just under $3 billion with shares in the low $30s. 

Trump is currently on trial in New York City over hush money payments to porn star Stomy Daniels. 

Nunes served as a Republican representative for the state of California through 2022.