The parent company of Truth Social, the social media platform founded by former President Donald Trump, sued a slew of news organizations on Monday that reported the company had lost $73 million in 2023.
The lawsuit alleges “an unprecedented and seemingly coordinated media campaign” aimed at damaging Trump Media & Technology Group’s reputation and financial standing.
The lawsuit follows a number of reports on Truth Social’s losses in 2023—though it is unclear where that figure came from.
“This number was an utter fabrication,” the lawsuit reads. “Each defendant, in apparent coordination, reported the exact same false number within approximately 24 hours of one another, each citing to a public Securities and Exchange Commission (‘SEC’) filing, in which the mystery $73 million loss appears nowhere.”
The actual figure of losses, from Truth Social’s launch in early 2022 to mid-2023, is $31.6 million. Many outlets, such as Axios, have already updated their stories.
“As a result of these widespread lies, TMTG has suffered actual damages,” the lawsuit, filed in Sarasota County, Florida, states. “Committed and potential investors have reacted negatively to the false news of TMTG supposedly losing $73 million, and TMTG’s ability to raise additional capital has been impaired.”
The media organizations named in the suit include Reuters, MSNBC, CNBC, the Guardian, Axios, the Hill, and more. Trump Media & Technology Group is seeking a total $1,500,000,000 in damages and a ban on “the publication or republication of the defamatory statements.”
The lawsuit comes as Truth Social and Trump Media & Technology Group (TMTG) are aiming to go public via Digital World Acquisition Corp (DWAC), a special purpose acquisition company that plans to merge with the group
In a statement to its platform, Truth Social said on Monday night: “To the Fake News outlets that think themselves above accountability: we’ll see you in court.”
Trump has previously falsely boasted that the fledging social media platform—billed as a free speech alternative to the likes of Twitter—has outperformed every other platform.
Truth Social has around 861,000 monthly active users on iOS and Android as of October, amounting to under 1% of those on Elon Musk’s X, according to an analysis by Fox News.
