The complaint, filed in the U.S. District Court for the Southern District of New York, targets a service known as Truth API. Launched by Trump Media & Technology Group in July, the product provides institutional clients with a low-latency feed of presidential posts for monthly fees ranging from $60,000 to $100,000. Plaintiffs argue that by routing official policy statements through a private, paid channel, the administration violates First and Fifth Amendment protections, effectively placing a price tag on government transparency.
Trump Media, in which a trust held by the former president retains a 41% stake, maintains that the product is a standard data subscription service. The company has rejected the allegations, accusing the plaintiffs of attempting to stifle Trump’s platform and harm shareholders. While the service has already secured over 10 institutional contracts, it remains under scrutiny from lawmakers, including Senators Elizabeth Warren and Adam Schiff, who have urged the SEC to investigate whether the arrangement compromises market fairness or violates securities laws.
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