Donald Trump‘s political credo of “America First” appears to face a contradiction within his media empire.

Challenging the ‘America First’ Narrative?

A whistleblower complaint has brought to light concerns within Trump Media & Technology Group Corp DJT, accusing CEO Devin Nunes of adopting an “America Last” hiring strategy.

Reports from ProPublica suggest that the internal complaint alleges Nunes’ preference for hiring foreign contractors over American workers, presenting a stark contrast to Trump’s anti-outsourcing stance.

According to ProPublica, the complaint advocates for Nunes’ removal, citing mismanagement and rising legal risks. The letter, supposedly supported by over half the staff, contends that such leadership is steering the company away from its core mission.

Benzinga has reached out to Trump Media & Technology Group for comments on the ProPublica findings.

DJT Stock Soars Despite Absence of Revenue

Despite the whistleblower allegations, DJT stock continues its meteoric rise, nearly doubling in value since mid-September. The past month alone has seen DJT stock surge by 143.46%.

Market speculations revolving around Trump’s potential comeback have propelled DJT as a favored meme stock. The stock’s upward trajectory, likened to Trump’s increasing odds for 2024, is all the more astonishing given that the company’s flagship platform, Truth Social, generates minimal revenue.

Chart created using Benzinga Pro

Technical analysis paints a compelling narrative for traders. DJT stock is trading above its eight, 20, and 50-day moving averages, signaling a bullish trend. However, the 200-day average suggests caution with a potential bearish signal.

Chart created using Benzinga Pro

While the Moving Average Convergence/Divergence (MACD) reflects positivity at 3.24, caution is warranted with a Relative Strength Index (RSI) of 68.32, approaching overbought territory.

Can This Turmoil Deter DJT’s Upward Momentum?

Amid DJT stock hovering around $30 per share, traders are reveling in volatility.

Nevertheless, the allegations from the whistleblower complaint could invite regulatory scrutiny, potentially tempering the current stock frenzy.

As per ProPublica, the letter underscores the risk of a full-blown PR crisis for the company should the board fail to take decisive action, possibly eroding investor confidence.

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