Manipulation at Truth Social?

RICO. Devin Nunes wrote a letter to House Republicans to investigate "manipulation" of Truth Social stock lol.

The Reg SHO threshold list in itself isn't necessarily indicative of unlawful trading activity. It really isn't too shocking it is on that list either. 70% of shares are held by insiders right now. Its short interest is over 10% of the remaining.

Most of the remaining shares aren't available to short. That's why it is so expensive to short the stock. That's going to make it hard for market makers to find shares to borrow. There really aren't many people shorting the stock.

It isn't a surprise why the stock fell so much since its debut. Revenue is non-existent and the insiders are clamouring to get permission to sell their shares.