On Monday, Truth Social filed a lawsuit against more than 20 media outlets, accusing them of spreading fake news about its debt. The platform reported the decision to take legal action against these publications, ensuring that they could add more if they considered it appropriate:
Why is Truth Social suing these outlets?
The social network assures that these media outlets published false information stating that the platform accumulated $73 million in debt in order "to advance a preferred and coordinated narrative harmful" to Truth Social.
The lawsuit was filed by Trump Media and Technology Group (TMTG), a company owned by the social network, in Florida state court in Sarasota County. Guardian News reports that The Hollywood Reporter, Miami Herald, Rolling Stone, The Hill, Deadline Hollywood, Benzinga, MarketWatch, Forbes, Axios, The Daily Beast, Gizmodo, Salon, The New York Daily News, Newsweek, MSNBC, Mediaite, The Daily Mail and CNBC published information that they were never able to verify. To do this, TMTG reveals, these outlets cited a "public Securities and Exchange Commission (‘SEC’) filing" that the company has not been able to find:
This number was an utter fabrication. 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. This was a coordinated effort to damage TMTG’s reputation, degrade
the firm’s financial standing, freeze its access to capital, and torpedo the anticipated merger between Digital World Acquisition Corporation ("DWAC") and TMTG.
For this reason, TMTG demanded that all these outlets correct and retract the published information. However, the company reveals, none of the media complied. For this reason, the owner of Truth Social decided to file this lawsuit seeking $1.5 billion from the defendants as well as attorneys' fees.