Editor’s Note: We have updated the story with comment from Citadel’s spokesperson in paragraph 7

Trump Media & Technology Group Corp. (NASDAQ:DJT) shares are trading higher on Friday.

In an exchange filing, the company said it sent a letter to Nasdaq regarding suspected short-selling activity in its shares.

“As you know, “naked” short selling—selling shares of a stock without first borrowing the shares deemed difficult to locate—is generally illegal pursuant to Securities and Exchange Commission Regulation SHO,” Chief Executive Devin Nunes said in the letter.

As of April 17, Former President Donald Trump’s Trump Media & Technology Group, behind the Truth Social platform, appears on Nasdaq’s “Reg SHO threshold list,” which indicates unlawful trading activity.

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“This is particularly troubling given that “naked” short selling often entails sophisticated market participants profiting at the expense of retail investors,” Nunes added.

Reports indicate that, as of April 3, the filing added that Trump Media was the most expensive U.S. stock to short, meaning brokers have a significant financial incentive to lend non-existent shares.

“Data made available to us indicate that just four market participants have been responsible for over 60% of the extraordinary volume of DJT shares traded: Citadel Securities, VIRTU Americas, G1 Execution Services, and Jane Street Capital,” the company said in the filing.

In response to the filing, a Citadel spokesperson told Benzinga, “Devin Nunes is the proverbial loser who tries to blame "naked short selling" for his falling stock price. Nunes is exactly the type of person Donald Trump would have fired on the Apprentice. If he worked for Citadel Securities, we would fire him, as ability and integrity are at the center of everything we do.”

Yesterday, Trump Media & Technology Group explained to shareholders how to prevent shares from being loaned for a short-interest position.

The advice comes amid a decline in the share price of DJT since March 26, when the company behind the Truth Social app went public, CNBC reported.

“In light of the foregoing, and Nasdaq’s obligation and commitment to protect the interests of retail investors, please advise what steps you can take to foster transparency and compliance by ensuring market makers are adhering to Reg SHO, requiring brokers to disclose their’ Net Short” positions, and preventing the lending of shares that do not exist,” Nunes wrote to Nasdaq.

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Price Action: DJT shares are trading higher by 2.21% to $33.93 on the last check Friday.

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