The Intercept and the Freedom of the Press Foundation filed a Truth API lawsuit against President Donald Trump on Wednesday. The case asks a federal judge to decide whether the president can sell early access to his own official statements.
The complaint, filed in the Southern District of New York, says presidential posts are government information. If that holds, no paying customer can own a bigger share of them than any other American.
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A $100,000 Paywall on the Presidents Posts
Truth Social‘s parent, Trump Media & Technology Group, switched on the Truth API on August 1. The product feeds posts from the platform’s top accounts to paying clients within milliseconds. Trumps account is the main draw.
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(This is a real product so I made them an infomercial: Trump Media launched a “direct, licensed, real-time feed of the platform's most market-moving Truths,”
Markets often move when he posts. Subscribers, mostly high-frequency trading firms, pay $60,000 to $100,000 a month for that head start. More than 10 firms have signed up, and the feed has already earned over $1 million.
That figure matters. Trump Media booked a $238.1 million net loss in the second quarter on revenue of just $1.7 million. At more than $1 million a month, the feed could soon out-earn the rest of the business.
Trump is the companys largest shareholder through a trust. According to the complaint, his stake was once worth $4 billion and has since sunk to around $1 billion.
????TRUTH API INFOMERCIAL
(This is a real product so I made them an infomercial: Trump Media launched a “direct, licensed, real-time feed of the platform's most market-moving Truths,”
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Inside the Truth API Lawsuit
The plaintiffs, backed by the watchdog group Citizens for Responsibility and Ethics in Washington (CREW), lean on two constitutional guarantees.
Under the First Amendment, they argue, journalists and the public hold an equal right to official information. Selling a head start breaks that right.
A lawsuit filed with two legal advocacy groups argues the president is restricting First Amendment-protected information in a scheme to enrich himself.
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The Fifth Amendment claim targets the price itself. Charging “unreasonable sums” for equal access undermines equal protection, the complaint says. It calls the product an “out-and-out plan of extortion.”
“Every American is entitled to equal access to the president‘s public statements. Individuals who pay $100,000 to the president’s personal company do not have any greater entitlement to those public statements,” CREW chief counsel Nikhel Sus made that argument in the filing announcement.
The suit reaches into the White House itself. It also names Trump aide Natalie Harp, Deputy Chief of Staff Daniel Scavino, and the Executive Office of the President. None of the defendants had responded publicly by publication.
Regulators Have Killed This Model Before
Washington saw this coming. On July 28, Senators Adam Schiff and Elizabeth Warren demanded an SEC investigation, writing to Chair Paul Atkins days before the feed launched. Their letter listed stocks Trump had promoted on Truth Social this year, including Citigroup, Palantir, and Coinbase.
History offers Trump Media a warning. In 2013, Thomson Reuters sold select clients a two-second head start on consumer sentiment data for $6,025 a month.
2013: Thomson Reuters sold hedge funds a 2-second head start on consumer sentiment data for $6,025/month. The NY AG investigated the program & it was dead in 3 weeks
2026: Trump Media sells a head start on the President's own posts. $100,000/month
New Yorks attorney general pushed back, and the program died. A year later, Business Wire cut its direct feeds to high-speed traders under similar pressure.
Those sellers were private data vendors, and they charged a fraction of Truth API‘s price. This time, the product is the sitting president’s own voice, and the seller is his own company.
A judge, rather than a regulator, may now decide whether official speech can carry a price tag.