The lawsuit, filed on Wednesday in a federal court in Manhattan by investigative news outlet The Intercept and the Freedom of the Press Foundation, challenges Truth API, a premium feed launched by Trump Media & Technology Group that provides early access to posts from 10 high-profile Truth Social accounts, including Trump’s.

The service, which launched on August 1, reportedly charges subscribers up to $100,000 per month for early access to the content.

The legal action comes days after Democratic Senators Elizabeth Warren and Adam Schiff urged the U.S. Securities and Exchange Commission (SEC) to investigate whether the service could undermine the integrity of financial markets while benefiting Trump, Wall Street firms and wealthy investors.

The White House did not immediately respond to requests for comment. While several White House officials are named as defendants, Trump Media & Technology Group is not a party to the lawsuit.

Trump has frequently used Truth Social to announce policy decisions and comment on issues such as tariffs and conflicts in the Middle East, with many of his posts having the potential to influence stock, commodity and financial markets.

The plaintiffs are asking the court to bar the White House from publishing official government announcements exclusively on Truth Social while the paid subscription service remains in operation.

Plaintiffs Allege Constitutional Violations

In the complaint, The Intercept and the Freedom of the Press Foundation described Truth API as “profoundly corrupt,” arguing that the arrangement allows the president to profit financially from access to official government communications.

They contend that the service violates the First Amendment by denying the public equal access to presidential announcements and creating a paywall around information of public importance.

The lawsuit also argues that many of Trump’s estimated 9,000 to 11,000 Truth Social posts and reposts since returning to office were never subsequently issued through official White House channels, making the platform the primary source of significant government announcements.

Responding to the lawsuit, a spokesperson for Trump Media said numerous media organisations and digital platforms already distribute Trump’s public statements, including through subscription-based services.

“Now, left-wing activists are trying to wrongfully weaponize the courts to censor him and harm shareholders,” the spokesperson said.

The post Trump Sued Over Paid Early Access to Truth Social Posts appeared first on Tech Digest News.

TECHDIGEST – The new policy of Twitter that prescribes restrictions on the number of tweets users can read on the platform in a day is forcing many Nigerians to migrate to Truth Social as an alternative microblogging App.

Although Twitter has rescinded the policy, this has not deterred many users from migrating to Truth Social.

Truth Social was founded by ex-U.S. President Donald Trump after he was permanently banned from Twitter over an allegation that he incited the rioters who attacked the U.S Capitol building in January 2021.

Until Twitter announced restrictions on the number of tweets users can read in a day, Truth Social was not very popular among Nigerians.

READ ALSO: Electric Vehicle: NNPCL to Install Filling Stations’ Charging Ports

But after Twitter users started having difficulty logging into the App because of the restrictions placed on the platform, Truth Social became famous.

Truth Social even mocked Twitter saying, “Reminder: On Truth Social you can read, posts as many truths as you want – all for free.”

The development however, has been greeted by reactions from some Nigerians, who tell their experience on the Truth Social platform.

@MrBlackOG said, “Truth Social has crashed due to a high number of Twitter refugees invading the app.”

@BOGbadams said, “Join me on Truth Social. @bogbadamosi.”

@gimbakakanda said, “Among all the social media platforms to adopt as an alternative to Twitter, you have chosen TRUTH Social, one founded by Donald Trump—an unabashed and documented promoter of far-right extremism.

“Trust me, you would be better off in Elon Musk’s prison than in Trump’s penthouse,” he added.

@MissPearls said: “My Mentions on Truth Social is Going Wild Already Even Before I Posted My First Truth. So, That’s It; Its Either Twitter Or Truth.”

The post Nigerians migrate to Trump’s Truth Social over Twitter’s restrictions appeared first on Tech Digest News.

TECHDIGEST – Donald Trump’s new social media firm says it has entered into agreements to raise $1bn (£755m) from investors ahead of a planned stock market listing.

The Trump Media & Technology Group is working to launch a social media app called Truth Social early next year.

It comes as Mr Trump remains banned from Twitter and Facebook following the attack on the US Capitol in January.

“$1bn sends an important message to Big Tech that censorship and political discrimination must end,” he said.

“As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech.”

Mr Trump announced plans to launch Truth Social earlier this year, saying it would allow conversation “without discrimination on the basis of political ideology”.

The Trump Media & Technology Group has partnered on the project with Digital World Acquisition, a so called special purpose acquisition company (Spac) or “blank cheque company”.

Spacs, which became a major story in the US stock market at the start of this year, are shell companies that are set up with the sole purpose of merging with a private firm to take it public. However, they have lost much of their lustre after some of the companies that merged with them failed to deliver on their ambitious financial projections.

On Saturday, Mr Trump’s firm said it had secured the $1bn from from “a diverse group of institutional investors” without revealing who they were. According to reports, the social media venture is now valued at almost $4bn.

It would appear to underscore the former US president’s ability to attract strong financial backing despite the controversy surrounding his time in charge.

Mr Trump was banned from top social media platforms after the 6 January attack by his supporters on the US Capitol in Washington DC amid concerns the then-president would inspire further violence.

It came after Mr Trump made claims, without evidence, of widespread fraud in last year’s presidential election.

Many Wall Street firms snubbed the opportunity to invest in the former president’s new venture, according to Reuters. But some hedge funds, family investment firms and high net-worth individuals have backed it.

Mr Trump had 89 million followers on Twitter, 33 million on Facebook and 24.5 million on Instagram at the time he was blocked, according to a presentation on his company’s website.

He has also repeatedly dropped hints that he might seek the presidency again in 2024.

However, there have been questions about the state of the former president’s finances. Last month a congressional committee found he had “grossly exaggerated” the profitability of his Washington DC hotel – claims the Trump Organization called “misleading”.

Scrutiny

Trump Media & Technology Group’s partnership with Digital World Acquisition has already attracted scrutiny.

Last month Democratic Senator Elizabeth Warren asked the Securities and Exchange Commission to investigate the planned merger for potential violations of securities laws.

Truth Social is scheduled for a full rollout in the first quarter of 2022. It is the first of three stages in the Trump Media plan, followed by a subscription video-on-demand service called TMTG+ that will feature entertainment, news and podcasts, according to the news release.

In a slide deck on its website, the company envisions eventually competing against Amazon.com’s AWS cloud service and Google Cloud.

Source: bbc.com

The post Donald Trump social media firm raised $1bn ahead planned stock market listing appeared first on Tech Digest News.