President Donald Trump is being sued in a New York court by two media organizations over the parent company of the social media platform Truth Social offering users the ability to pay for early access to Trump's posts. The online news outlet The Intercept and the media group Free Speech for People filed the lawsuit against Trump on Wednesday, August 12, arguing that the program is unusual, corrupt, and unconstitutional because Trump's posts often move financial markets, as they contain announcements about government policy, military operations, and other government decisions. The two media organizations said the program amounts to serious corruption because Trump stands to benefit financially from disclosing market-moving government information to those who can pay his private company. Meanwhile, Democratic members of Congress have called on the U.S. Securities and Exchange Commission to investigate the service, and The Wall Street Journal reported that securities trading firms were among the first to sign up. Trump Media & Technology Group, the parent company of Truth Social, announced in July that it would sell early access to Trump's posts for up to $100,000 per month, or $60,000 per month for those who subscribe for three years. Trump is the largest shareholder of Trump Media & Technology Group through a trust overseen by his eldest son, Donald Trump Jr.
Trump Media & Technology Group Corp.Lawsuit and SEC probe over paid early access to Trump's posts could lead to legal and regulatory action against the company.
