Jim Cramer calls Trump Media stock a ‘joke’

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Written on Apr 22, 2024

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Citadel grilled Trump Media and Technology Group in a letter on Monday.
Famed investor Jim Cramer agreed to much of its view on $DJT.
Trump Media stock is now down nearly 50% versus its year-to-date high.

Trump Media & Technology Group Corp (NASDAQ: DJT) is in the red at writing after Jim Cramer said the owner of Truth Social is ‘kind of a joke’.

Citadel Securities recently grilled $DJT

The news arrives only days after Devin Nunes – the chief executive of Trump Media said $DJT is a victim of illegal short selling.

He also vowed to “do whatever it takes to defend our retail investors”.

Responding to his decry, Citadel Securities of Ken Griffin called Nunes a “proverbial loser” in its letter who blames “naked short-selling for the falling stock price” on Monday.

And the Mad Money host somewhat agreed to its view on Trump Media & Technology Group on CNBC’s “Squawk on the Street” today. Trump Media stock is now down nearly 50% versus its year-to-date high.

Barry Diller says Trump Media is a ‘scam’

It is worth mentioning here that Citadel Securities has a history with heavily shorted stocks. In 2021, it was accused of misconduct during the massive short squeeze in GameStop ($GME) – although the matter was later dismissed.

On Monday, a spokesperson for the market maker also said that Citadel Securities “would fire” Devin Nunes if he was its top executive.

Note that Ken Griffin is not the only one to have grilled the Nasdaq-listed firm whose majority shareholder is Donald Trump recently. Earlier in April, Barry Diller – the chairman of IAC and Expedia also called Trump Media a “scam” and those invested in it “dopes”.

“I mean, it’s ridiculous. The company has no revenue” – he added in a recent interview with CNBC.