President Donald Trump has just been sued for trying to sell early access to his Truth Social posts.
The Intercept and the Freedom of the Press Foundation filed the lawsuit in the U.S. District Court for the Southern District of New York Wednesday, calling Trump’s plan “extraordinary, corrupt and unconstitutional.”
Truth Social is part of Trump’s company, Trump Media & Technology, which announced the plan last month. Under a new product, known as Trump API, it seeks to get Wall Street companies to pay between $60,000 and $100,000 per month for preferred access to Trump’s posts so their traders can have an advantage on market reactions to them.
Trump API would provide 24/7 access, along with Trump’s archived posts going back to 2022, including ones that were deleted or altered. Trump Media’s interim CEO Kevin McGurn says that the company intends “to create a lot of friction for those folks that aren’t coming to us directly.”
This seems a lot like insider trading, which is a federal crime prosecuted by the Securities and Exchange Commission, and the lawsuit directly takes aim at the ethical issues behind selling access to market-moving information from the president of the United States.
“This scheme is profoundly corrupt. The President stands to gain financially by giving ‘market-moving’ government information to those who are willing and able to pay his personal company,” the plaintiffs write. “There is no legitimate interest, let alone a significant one, in permitting President Trump to profit from selling government information.”
According to the lawsuit, Trump Media disclosed on Monday that it already has more than 10 subscribers to the service, including financial news outlets and high-frequency trading firms. The president stands to personally profit from those companies having access to privileged information generated by his position.
With any other politician, this would be a massive ethical violation possibly coming with legal penalties, but for Trump, it’s only the latest in a series of schemes that have allowed him to profit off of his presidency. For now, this lawsuit is the only attempt to end his insider trading venture.
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