Outlets accused of defaming former president’s social media platform.
Inaccurate reports from 20 media outlets defamed Truth Social and its parent company, a new lawsuit from former President Donald Trump’s firm says.
The outlets reported on Nov. 13 that Trump Media & Technology Group (TMTG) and Truth Social had lost $73 million, citing a filing to the U.S. Securities and Exchange Commission (SEC).
But the $73 million figure appeared nowhere in the filing.
The outlets engaged in defamation, the suit, filed in Sarasota County, Florida circuit court, alleges.
Some of the outlets corrected or otherwise updated their stories to reflect the fact they falsely reported the figure, but “none have retracted the defamatory articles, publicly apologized, or taken any other steps to ameliorate the continuing damage,” the suit states.
The outlets include the Guardian, Reuters, The Hill, the Daily Beast, Axios, New York Daily News, and CNBC.
Reuters, for instance, said that Truth Social “has lost &73 million since its launch in early 2022, a securities filing … showed on Monday.”
“Donald Trump’s Truth Social has reported a $73 million net loss since its February 2022 launch. The bleak financial report was documented in an SEC filing,” the New York Daily News claimed.
Many of the defendants also falsely reported that Truth Social lost $50 million in 2022.
TMTG actually made $50 million in 2022, when Truth Social was launched, according to the filing. The company reported a loss of $23 million for the six months through June 30, 2023.
TMTG did lose $59 million in its first year of operation, 2021, meaning it has lost about $32 million overall.
The filing was made as TMTG prepares to merge with Digital World Acquisition Corp. The companies announced a merger agreement in 2022, but the deal is not yet finalized.
President Trump started Truth Social after being banned from major social media platforms such as Twitter and Facebook.
The false reports have harmed TMTG’s ability to raise additional capital because they were viewed by committed and potential investors, according to the suit.
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