DJT Stock Rises Despite Trump Media Whistleblower Allegations – Trump Media & Technology (NASDAQ: DJT)

Donald Trump‘s political campaign continues to promote the “America First” message, but his media company has reportedly taken a different approach.

Betraying the “America First” doctrine?

Whistleblower complaint raises concerns about Trump Media & Technology Group Corp. DJTalleging that the CEO Devin Nunes leads an “America Last” recruitment strategy.

ProPublica reported that the internal complaint alleges that Nunes outsourced jobs overseas, hiring foreign contractors instead of American workers — a contrast with Trump’s long-standing pledge to end outsourcing.

The complaint, reviewed by ProPublica, also calls for Nunes to be fired, citing mismanagement and growing legal risks. Nunes is accused of mismanaging critical company functions and filling key roles with unqualified allies, according to ProPublica. The letter, said to have been written by more than half the staff, suggests this direction is moving the company away from its mission.

Benzinga requested comment from the Trump Media & Technology Group on the ProPublica report.

DJT Stock Soars Despite No Revenue

Despite ProPublica’s report, DJT stock has seen incredible gains, nearly doubling in value since mid-September. DJT stock is up 143.46% in the past month alone.

As traders bet on Trump’s election prospects, DJT has solidified its place as a meme stock favorite. The stock’s rise, which some say reflects Trump’s improving 2024 betting odds, is all the more notable because Social truththe company’s flagship platform, generates almost no revenue.

Also Read: Market Is ‘Very Convinced’ of a Trump Win, Says Stanley Druckenmiller: Why a Billionaire Investor Thinks a Blue Sweep is ‘Very Unlikely’

Chart created with Benzinga Pro

Technical indicators paint an intriguing picture for traders. DJT stock is trading above its eight, 20 and 50 day moving averages, signaling bullish momentum. However, its 200-day average suggests caution in the face of a potential bearish signal.

Chart created with Benzinga Pro

Although the moving average convergence/divergence (MACD) is positive at 3.24, it is also giving warning signs with a relative strength index (RSI) of 68.32, close to overbought territory.

Will this drama derail DJT’s rise to power?

As DJT stock hovers around $30 per share, traders are riding the volatility.

However, the allegations in the whistleblower complaint could lead to regulatory scrutiny, which could dampen the current stock market frenzy.

According to ProPublica, the letter warns that if the board does not act, the company could face a real public relations crisis, which could impact investor confidence.

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