Trump Company Sues Outlets, Says Falsely Reported Truth Social Lost $73M


  • Donald Trump’s media company is suing 20 outlets, accusing them of “falsely” reporting Truth Social losses.
  • Reports said it lost $73 million, but the court filings say that’s much higher than the reality.
  • “This number is an utter fabrication,” TMTG lawyers said in a lawsuit.

Donald Trump’s media company has filed a lawsuit against 20 media outlets, accusing them of “falsely” reporting that its social media network, Truth Social, lost $73 million, according to court filings shared by The Wrap.

“The number is an utter fabrication,” lawyers for Trump Media and Technology Group, or TMTG, said in the lawsuit filed on Monday.

The company is seeking $1.5 billion in damages, according to Bloomberg.

The outlets cited in the lawsuit, filed in Sarasota County, Florida, include The Guardian, The Hollywood Reporter, the Miami Herald and its executive director Alex Mena, Reuters, Rolling Stone, The Hill, Deadline Hollywood, Benzinga, Axios, the Daily Beast, Salon, New York Daily News, Newsweek, MSNBC, Mediaite Daily, and CNBC.

In Monday’s filings, TMTG accused the outlets of a “coordinated effort” to damage its reputation, hurt the firm’s financial standing, prevent it from obtaining funding, and sabotage its plans to merge with Digital World Acquisition, a Special Purpose Acquisition Company, or SPAC.

“This case is about an unprecedented and seemingly coordinated media campaign by no less than 20 major media outlets,” it said.

According to the court filings, each outlet cited SEC filings “in which the mystery $73 million loss appears nowhere.”

According to SEC filings released on November 13, Truth Social reported a net loss of almost $23 million in the first six months of the year, compared to a profit of almost $29 million during that same period of 2022, as Business Insider previously reported.

Even so, TMTG’s independent accounting firm expressed “substantial doubt” about the company’s financial position due to negative cash flows and recurring losses, per the filings.

While several of the publications accused had made “corrections” or “updates,” none had retracted their “defamatory” articles, offered a public apology, or taken any other action to lessen the ongoing harm at the time of filing, the court filings said.

The Daily Mail, Reuters, Axios, Salon, New York Daily News, Newsweek, MSNBC, Mediaite Daily, and CNBC have all updated or corrected their reports at the time of publication.

Meanwhile, the Miami Herald appears to have deleted its report. It did not immediately respond to Business Insider’s request for comment.

The Guardian, Rolling Stone, The Hill, Deadline Hollywood, Benzinga, and the Daily Beast, however, have not issued corrections or updates at the time of publication. They did not immediately respond to requests for comments.

As a result of the “widespread misreporting,” lawyers for TMTG said it had suffered “deeply,” with a loss of faith in the company’s operations and management, which in turn has made it more challenging to raise new funding to support its operations while the SEC reviews its proposed merger.

“TMTG intends to hold these reckless and malicious media outlets to account for their false reporting and for their seemingly coordinated effort to destroy TMTG and Truth Social,” the lawyers said.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *