Truth Social Sues 20 Media Outlets for Defamation

Truth Social is suing 20 media outlets it claims made false reports about its finances. The platform’s parent company, Trump Media and Technology Group is seeking $1.5 billion in damages.

Trump Media filed the lawsuit Monday in the Florida Circuit Court, Sarasota County. The former president’s social media company alleges a coordinated act of defamation by the defendants.

The conservative media company posted the text of its court filing to Truth Social Monday evening, saying, “To the Fake News outlets that think themselves above accountability: we’ll see you in court.”

The lawsuit claims, “This case is about an unprecedented and seemingly coordinated media campaign,” to attack Trump Media and Truth Social, “by falsely reporting that TMTG had lost $73 million.”

TMTG’s complaint states, “This number was an utter fabrication.” It also notes that the 20 media outlets reported the same false figure within 24 hours of each other “in apparent coordination.” The kicker is that the $73 million figure they reported appears nowhere in the source they cited.

A false report of that nature isn’t merely a matter of egos or pride. TMTG says it could damage the Trump media company’s ability to raise financing.

Part of the complaint reads: “This was a coordinated effort to damage TMTG’s reputation, degrade the firm’s financial standing, freeze its access to capital, and torpedo the anticipated merger between Digital World Acquisition Corporation (‘DWAC’) and TMTG.”

The filing notes that Trump Media and Technology Group is a tech startup. Furthermore, the company behind Truth Social is competing with “dominant tech giants worth tens of billions of dollars.” TMTG claims “it may be difficult to raise additional funds through traditional financing sources” if the DWAC merger doesn’t go through.

Some major media outlets named in Truth Social’s suit include The Guardian, Reuters, Rolling Stone, MarketWatch, Forbes, Forbes, The Daily Beast, Salon, Newsweek and MSNBC.

Other outlets — such as The Independent — covered the same story that brought on this week’s lawsuit, but reported an accurate figure. In total, the company has suffered a net loss of $31.6 million since it was founded in February 2021.