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Trump’s media company takes on 20 outlets as Truth Social’s finances under fire

Trump’s media company takes on 20 outlets as Truth Social’s finances under fire
Onur Demirkol

Onur Demirkol

  • Updated:

According to a report from Insider, Donald Trump’s lawyers have sued 20 media outlets for making false news on Trump’s social media company Truth Social’s financials.

Donald Trump’s media venture, Trump Media and Technology Group (TMTG), is taking on a legal fight against 20 major media players. TMTG claims these outlets falsely reported that Truth Social, their social media platform, suffered a massive $73 million loss. According to court filings revealed by The Wrap, TMTG is demanding a hefty $1.5 billion in damages.

The core of the issue revolves around a “huge” mismatch between the reported loss and the actual financial figures of Truth Social. SEC filings on November 13 disclosed a net loss of nearly $23 million for the first half of the year, a far cry from the eye-popping $73 million. TMTG’s independent accounting firm expressed concern about the company’s financial health due to ongoing losses and negative cash flows.

TMTG says media giants “teamed up”

TMTG accuses the media outlets, including big names like The Guardian and Reuters, of teaming up to tarnish its reputation. The lawsuit, filed in Sarasota County, Florida, alleges a coordinated effort to damage the company’s standing, disrupt funding efforts, and stop its plans to merge with Digital World Acquisition, a Special Purpose Acquisition Company (SPAC).

According to Insider, while some outlets, like The Daily Mail and Reuters, have made corrections to their reports, others, such as The Guardian and Rolling Stone, haven’t taken any corrective action. The court filings stress the ongoing harm caused by what TMTG calls “defamatory” articles. The lack of retractions or public apologies adds fuel to the legal fire.

As the legal drama unfolds, the media landscape finds itself grappling with questions of accuracy and responsibility. TMTG’s determination to hold these outlets accountable underscores the high stakes involved in the battle over Truth Social’s financial narrative.

Onur Demirkol

Onur Demirkol

Onur is a Turkish content writer who has been in the field since 2018 with a background in gaming, esports, and technology. Journalism and Creative Writing are two of his motivations in his work life, combined with technology and gaming, his lifelong passions. Studying abroad gave him a different perspective on life; now, he uses his experiences to influence and inform as many as possible.

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