Shares of Donald Trump's media company, Trump Media & Technology Group (TMGT), have experienced a significant drop in value, falling nearly 40% since the former president's hush money conviction last month. The stock, which has seen a turbulent journey since its trading debut earlier this year, closed at $34.64 per share on Monday, marking a steep decline from its May 30 price of $51.84.

TMGT's troubles extend beyond Trump's legal challenges. The company, which owns the social media platform Truth Social, is also grappling with allegations of market manipulation by short sellers. On June 4, TMGT CEO Devin Nunes sought assistance from the CEO of Nasdaq, urging an investigation into "Wall Street insiders" engaged in alleged "naked" short selling of TMGT stock (trading symbol DJT). Naked short selling is a fraudulent practice where traders sell shares without borrowing them first.

In a statement released on Monday and shared with Just the News, TMGT emphasized that if naked short selling is proven, the perpetrators should be criminally prosecuted, possibly through federal and state RICO (Racketeer Influenced and Corrupt Organizations Act) statutes. TMGT believes that exposing these actions would restore stability and integrity to the market.

Despite these challenges, TMGT continues to emphasize its vision and is confident in its future prospects. In the first quarter of this year, the company reported a net loss of $327.6 million, attributing it to the merger with Digital World Acquisition Corp. However, TMGT claims to have over $200 million in available funds and boasts more than 600,000 retail shareholders who remain supportive of the company's direction.

Newsweek reached out to TMGT for comments but did not receive an immediate response. The media company's plummeting share value, coupled with ongoing legal issues and accusations of market manipulation, poses a significant challenge for TMGT's executives as they navigate a complex and competitive media landscape.

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(Note: This article is generated based on the provided information and does not include any additional sources or perspectives.