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What is the story about?
US President Donald Trump was sued by two media organizations over Trump Media & Technology Group Corp.’s plan to sell faster access to his posts on Truth Social.
The Intercept Media, a news organization, and the non-profit Freedom of the Press Foundation asked a court in New York Wednesday to block the plan, calling it “extraordinary, corrupt, and unconstitutional.”
Last month, the company announced it would sell faster access to Trump’s market-moving Truth Social posts — a move that drew blowback from Democrats and even rankled some free-market fundamentalists on Wall Street. The product, called Truth API, costs $60,000 to $100,000 a month.
Trump is the largest shareholder of Trump Media. His stake, worth about $1 billion, is held in a trust overseen by his eldest son Donald Trump Jr.
In a separate development, Donald Trump’s social media company posted steeper losses as it careened from a big cryptocurrency bet into a controversial new line of business selling faster access to market-moving posts from the US president.
Trump Media & Technology Group Corp. reported a second-quarter loss of $238 million, driven by plummeting prices of the cryptocurrencies it owns, according to a statement Monday. That compares with a $20 million shortfall during the same period a year earlier for the Truth Social parent.
The results accelerate a long-running financial slide for Trump Media, which has failed to turn a profit despite a raft of new ventures, including a plan to stockpile digital assets and acquire an experimental clean-energy company.
Also Read: Trump says US has 'total control' over Strait of Hormuz
The Intercept Media, a news organization, and the non-profit Freedom of the Press Foundation asked a court in New York Wednesday to block the plan, calling it “extraordinary, corrupt, and unconstitutional.”
Last month, the company announced it would sell faster access to Trump’s market-moving Truth Social posts — a move that drew blowback from Democrats and even rankled some free-market fundamentalists on Wall Street. The product, called Truth API, costs $60,000 to $100,000 a month.
Trump is the largest shareholder of Trump Media. His stake, worth about $1 billion, is held in a trust overseen by his eldest son Donald Trump Jr.
In a separate development, Donald Trump’s social media company posted steeper losses as it careened from a big cryptocurrency bet into a controversial new line of business selling faster access to market-moving posts from the US president.
Trump Media & Technology Group Corp. reported a second-quarter loss of $238 million, driven by plummeting prices of the cryptocurrencies it owns, according to a statement Monday. That compares with a $20 million shortfall during the same period a year earlier for the Truth Social parent.
The results accelerate a long-running financial slide for Trump Media, which has failed to turn a profit despite a raft of new ventures, including a plan to stockpile digital assets and acquire an experimental clean-energy company.
Also Read: Trump says US has 'total control' over Strait of Hormuz
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