Donald Trump’s media company, Truth Social, is taking legal action against 20 media outlets for falsely reporting substantial financial losses. The court filings shared The Wrap state that Truth Social is disputing the reported $73 million loss and is seeking $1.5 billion in damages.
According to the lawsuit filed on Monday Trump Media and Technology Group (TMTG), the reported financial loss is an “utter fabrication.” The company has accused the media outlets of coordinating a campaign to damage its reputation, harm its financial standing, and impede its proposed merger with Digital World Acquisition. The outlets cited in the lawsuit include major news organizations such as The Guardian, The Hollywood Reporter, Reuters, The Daily Beast, and CNBC.
TMTG asserts that the reported $73 million loss does not align with its SEC filings, which detailed a net loss of almost $23 million in the first six months of the year. Despite these numbers, TMTG’s independent accounting firm expresses doubt about the company’s financial position due to recurrent losses and negative cash flows.
While some outlets have updated or corrected their reports, others have not issued any corrections or retractions. TMTG claims that these false reports have harmed its operations, management, and ability to secure new funding. The company intends to hold the media outlets accountable for their “reckless and malicious” reporting and the coordinated effort to undermine Truth Social.
The outcome of this lawsuit could have significant implications for both Truth Social and the media outlets accused of perpetuating false information about the company’s financial status.