Susquehanna International Group, headed by Bala Cynwyd billionaire Jeffrey Yass, sold its shares in Trump Media after the company went public in March, writes Joseph N. DiStefano for The Philadelphia Inquirer.
The multinational trading firm said it bought those shares not as a bet on the future of the company now called Trump Media & Technology Group, but to help facilitate its market-making business. Once that mission was accomplished, SIG sold them.
Now, the CEO of Trump Media, former U.S. Rep. Devin Nunes, is asking for an investigation of SIG and three other firms regarding their role in investor bets against the company that is highly-priced but as of yet unprofitable.
Former President Donald Trump has a multibillion-dollar stake in Trump Media, at least on paper.
According to SIG’s earlier SEC reports, prior to the March 26 initial public stock offering, the firm held over one percent of Trump Media’s predecessor company.
Those reports drew widespread scrutiny because of Yass’ status as a major political donor. Yass was at one point also floated as a potential Trump cabinet secretary.
Read more about Susquehanna International Group in The Philadelphia Inquirer.
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