President Donald Trump was sued in federal court Wednesday to stop him from making money off a new, paid service at his Truth Social company offering early, exclusive access to his posts on U.S. policy.<\/p>\n
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The lawsuit alleges the service offering paying customers sneak peeks of his posts about U.S. policy on war, tariffs and other issues violates the Constitution and that official announcements should be made available to everyone at the same time. The\u00a0new subscription service\u00a0rolled out earlier this month is charging Wall Street firms as much as $100,000 a month to trade off the market-moving posts before others.<\/p>\n
\u201cA president selling priority access to news he himself generates for the benefit of a private company he controls is so blatantly corrupt and unconstitutional that it would have been hard to even fathom just a few years ago,\u201d said Seth Stern, chief of advocacy at the Freedom of the Press Foundation, a plaintiff in the case along with news outlet The Intercept.<\/p>\n
Truth Social\u2019s parent company, Trump Media & Technology, said selling fast access to traders is common in its industry, and that the plaintiffs are just trying to silence the president.<\/p>\n
\u201cInformation from President Trump is disseminated by countless platforms and news outlets, many of which offer subscription APIs,\u201d it said in a statement, using the acronym for the fast access service. \u201cNow, left wing activists are trying to wrongfully weaponize the courts to censor him again and harm our shareholders.\u201d<\/p>\n
The early access service comes as the publicly traded\u00a0Trump Media loses hundreds of millions\u00a0of dollars each quarter and its\u00a0stock has dropped\u00a0below $10 from $62 shortly after going public two years ago.<\/p>\n
The plaintiffs allege the service violates two parts of the Constitution \u2014 the First Amendment right to access a president\u2019s comments on equal terms with other members of the press and public and the Fifth Amendment prohibitions on charging unreasonable conditions for government benefits.<\/p>\n
The lawsuit asks that Trump Media be forced to end the new paid service, called Truth API, which offers access milliseconds faster.<\/p>\n
Trump Media also benefits separately from a deal with Trump that gives its Truth Social six hours of exclusive access to his posts before he can distribute them elsewhere. The plaintiffs appeared to take aim at that, too, asking the court to stop him from \u201cposting official government information exclusively\u201d on his own site.<\/p>\n
Trump is the largest shareholder of Trump Media, owning more than 40% of its shares through a trust.<\/p>\n
Even before the new API service was started earlier this month, ethics watchdogs criticized Trump\u2019s posting on Truth Social as a brash attempt to profit off the presidency, similar to other\u00a0money-making ventures, including ones related to cryptocurrencies. Earlier this year, the president filed a required annual financial disclosure report that showed he took in\u00a0more than a $1 billion last year\u00a0from new crypto businesses that his administration regulates.<\/p>\n
Among other moves since he was reelected, Trump\u2019s digital finance company, World Liberty Financial, got a $500 million investment from a company tied to the government of the United Arab Emirates and sold hundreds of millions of dollars worth of special souvenir Trump meme coins to his fans and possible\u00a0federal favor seekers, including a billionaire fighting a federal lawsuit that was later paused, then settled.<\/p>\n
In addition to the president, the lawsuit filed in the Southern District of New York names his deputy chief of staff Daniel Scavino and his executive assistant Natalie J. Harp as defendants.<\/p>\n<\/div>\n
#Trump #sued #selling #priority #access #news #generates #benefit #private #company #controls<\/p>\n","protected":false},"excerpt":{"rendered":"
President Donald Trump was sue… <\/p>\n","protected":false},"author":1,"featured_media":2218,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[3442,4320,623,2074,273,4319,4151,381,3288,1636,2478,2480,357],"class_list":["post-2217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-access","tag-benefit","tag-company","tag-controls","tag-donald-trump","tag-generates","tag-lawsuits","tag-news","tag-priority","tag-private","tag-selling","tag-sued","tag-trump"],"yoast_head":"\n
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