Trump Media warned the Nasdaq CEO of potential market manipulation of DJT stock from "naked" short selling. Naked short selling involves selling stocks without first borrowing them, which is generally illegal. TMTG provided shareholders instructions to avoid lending shares to short sellers betting prices will fall. TMTG CEO cited circumstantial evidence DJT was the most expensive US stock to short, incentivizing brokers to lend nonexistent shares. DJT stock has rallied but remains sharply below its $70 debut price, lowering Trump's paper wealth. Data showed top 4 market participants handled over 60% of DJT volume.