US President Donald Trump’s media firm TMTG is facing a legal challenge from press groups in the country, over a new Truth Social service that gives paying customers early access to his posts.
The lawsuit seeks to stop Trump from using the platform to release official government information exclusively, while allowing investors to pay for earlier access to his posts.The Intercept Media and the Freedom of the Press Foundation, on Wednesday, filed a lawsuit in federal court, challenging Trump Media & Technology Group’s Truth API service.
They are also seeking to prevent him from using Truth Social, which is operated by TMTG, to publish official information exclusively on the platform.Earlier this month, TMTG, which Trump owns through a trust, launched Truth API as a paid service for investors seeking privileged access to his social media posts.The lawsuit describes the service as “profoundly corrupt” and unconstitutional and names Trump and two senior advisers as defendants.“The President stands to gain financially by giving ‘market-moving’ government information to those who are willing and able to pay his personal company,” the court papers filed in Manhattan district court said.TMTG has said that Truth API will provide customers with Trump’s posts “milliseconds” before the same posts become available to the public.The company had promoted the service to trading firms and other Wall Street businesses for fees of up to $100,000 a month.Trump posts, markets reactTrump's social media posts have regularly covered issues with the potential to affect financial markets, including developments in the war in Iran and decisions over which countries could face tariffs.Such posts have frequently triggered significant moves in commodities, equity indices and individual company shares.The Intercept and FPF said they regularly cover Trump's social media activity but have been left facing “delayed access” to announcements, according to FT.
