Lawsuit Filed Against 'Blatantly Corrupt' Trump Scheme to Charge for Early Access to Market-Moving Social Posts

A lawsuit filed on Wednesday is challenging the legality of Truth API, a recently unveiled initiative to allow Wall Street firms to pay up to $100,000 per month in exchange for early access to potentially market-moving social media posts from President Donald Trump.

The complaint, filed by the Freedom of the Press Foundation (FPF) and The Intercept, alleges Truth API violates the US Constitution's First Amendment by granting insiders special access to the president's announcements.

The scheme also violates the Constitution's Fifth Amendment by "charging unreasonable sums that cannot be justified to offset the cost" of receiving the benefit of information from the president, the complaint states.

The lawsuit describes Truth API as "profoundly corrupt," given that "the president stands to gain financially by giving 'market-moving' government information to those who are willing and able to pay his personal company."

In establishing the plaintiffs' standing, the complaint argues that The Intercept is being put at a competitive disadvantage by the scheme, given that the news outlet is "both unable and unwilling to subscribe" to it, even though it risks "losing out on timely news to competing organizations."

Ben Muessig, editor-in-chief of The Intercept, accused the president of "trying to enrich himself by privatizing government information that he has no right to sell," while vowing that "we won't let that stand."

David Bralow, chief legal officer for The Intercept, said that "nothing could be more antithetical to the free, independent press than the president charging for early access to his public announcements," emphasizing that "public information belongs to the public."

Seth Stern, chief of advocacy at FPF, said Truth API "is so blatantly corrupt and unconstitutional that it would have been hard to even fathom just a few years ago."

"Trump’s crooked scheme is particularly outrageous," Stern added, "because, as documented by our Trump Anti-Press Social Media Tracker, he frequently uses his Truth Social account to berate journalists and even to announce his plans to sue them and criminally investigate them. Then, he makes them wait in line behind paying customers to find out about it unless they’re willing to subsidize the platform he uses to attack them."

The Intercept and the FPF are being represented in the case by attorneys from Citizens for Responsibility and Ethics in Washington (CREW), the Yale Law School Media Freedom and Information Access Clinic, the Public Integrity Project, and Altshuler Berzon LLP.

Nikhel Sus, chief counsel at CREW, said his organization was "proud to represent our clients in their effort to end this corrupt and unconstitutional scheme" because "all Americans are entitled to timely access to their president’s public statements, not just those willing to pay the president’s company $100,000 a month."

Truth API has also drawn the attention of Rep. Jamie Raskin (D-Md.), ranking member of the US House Judiciary Committee, who announced a probe into the initiative last month, describing it as an "insider-information scheme" that "will enable Wall Street to profit from the president’s frequent market-moving posts on major businesses."