Chad Nedohin, a part-time pastor from Idaho, has emerged as an unlikely catalyst in the frenzied trading of shares in former President Donald Trump’s media company, Trump Media & Technology Group (DJT). Donning a pirate costume and broadcasting to his 1,400 followers on the right-wing video platform Rumble, Nedohin has helped turn DJT into a volatile “meme stock” that has captured the attention of retail investors.
Anticipation and Triumph
Last month, as DJT shareholders eagerly awaited the outcome of a merger vote, Nedohin prepared his microphone and framed his face with fake dreadlocks beneath a pirate-style hat. Reciting a biblical verse, he proclaimed, “Faith comes from hearing — that is, hearing the good news.” When news broke that the company was going public, Nedohin raised his arms in triumph, transitioning to a video of a rocket launch with a photoshopped image of Trump atop it.
Devoted Investors
Nedohin is one of many amateur investors who own shares in DJT, convinced that Truth Social, the company’s sole platform, will become a globally popular and lucrative social media site. In recent months, tens of thousands of Trump supporters have tuned into Nedohin’s webcasts, where he encourages viewers to invest, asserting, “Trump always wins in the long run.
Volatile Trading
DJT’s stock has experienced significant volatility since its public debut on March 26, 2023. Initially soaring to nearly $80 per share, the stock has since lost more than half its value, closing at $37.07 on April 26, 2024. The company’s market capitalization briefly crossed $10 billion on an undiluted basis, a staggering valuation for a company that reported an operating loss of $58 million in 2023.
Allegations of Manipulation
As the stock price continues to fluctuate, DJT CEO Devin Nunes has called on House Republican leaders to investigate potential manipulation of the company’s stock. In a letter disclosed on April 26, Nunes urged the chairmen of four House committees to probe “anomalous trading” and potential violations of RICO statutes and tax evasion laws.
Nunes has also engaged in a public feud with Citadel Securities, accusing the firm of naked short selling, a claim Citadel has vehemently denied.
Meme Stock Phenomenon
Despite concerns over DJT’s financial performance and allegations of market manipulation, retail investors like Nedohin remain committed to the stock. The company’s association with Trump and its positioning as a platform for uncensored free speech have attracted a devoted following.
As one Truthsayer recently wrote, “I think daddy Trump has some surprises for us. We just have to be patient and wait for it. NFA but I’ll buy more tomorrow. Gotta love the price.
“The rise of DJT as a meme stock highlights the growing influence of retail investors and the power of social media in driving market trends. As the battle between DJT and Wall Street continues, the role of figures like Chad Nedohin in shaping public sentiment and fueling market frenzies is likely to remain a topic of intense scrutiny and debate.