President Donald Trump’s media company, Trump Media & Technology Group, is facing a lawsuit filed on Wednesday (August 12) by The Intercept Media and the nonprofit Freedom of the Press Foundation. The lawsuit challenges a new product offering that gives Wall Street firms faster access to Trump’s Truth Social posts, alleging it violates the First Amendment. The product, called “Truth API,” allows firms to pay between $60,000 and $100,000 per month for real-time access to the president’s posts, which are often market-moving.
The lawsuit, filed in the U.S. Southern District of New York, claims the plan is “extraordinary, corrupt, and unconstitutional,” arguing that it privatizes government information for financial gain. Ben Muessig, editor-in-chief of The Intercept, stated, “Trump is trying to enrich himself by privatizing government information that he has no right to sell.”
Forbes reports that more than 10 companies have already signed agreements for the Truth API, with Trump Media CEO Kevin McGurn noting active discussions with large news organizations and AI companies. The plan has also drawn criticism from lawmakers, including Democratic Senators Elizabeth Warren and Adam Schiff, who have urged federal regulators to investigate its legality.
CNN highlights that the product offers Wall Street firms a competitive edge by providing instant access to posts that can influence markets. Despite the controversy, Trump Media sees this as a profitable venture, as stated by McGurn during a recent earnings call.
The lawsuit is part of a broader pattern of scrutiny over the intersection of Trump’s business interests and presidential duties. According to Axios, public perception is increasingly viewing Trump’s actions as self-serving, with 60% of Americans believing he uses the presidency for personal gain.
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