What happened
President Donald Trump was sued in federal court on Wednesday over a new Trump Media offering that sells early access to his social media posts for up to $100,000 per month. The First Amendment “guarantees equal access to the president’s public announcements,” the Freedom of the Press Foundation and The Intercept argued in their suit.
Who said what
“A president selling priority access to news he himself generates for the benefit of a private company he controls” is “blatantly corrupt and unconstitutional,” the Freedom of the Press Foundation said in a statement. Trump owns more than 40% of Trump Media, Truth Social’s parent company.
Trump often uses Truth Social to “announce policy decisions, executive orders, personnel changes and war declarations,” CNN said, and “clearly, the company — and Wall Street — believe the special access holds significant value.” Trump Media on Wednesday called the plaintiffs “left-wing activists” who are “trying to wrongfully weaponize the courts to censor” Trump and “harm our shareholders.”
What next?
Trump Media, which reported a $238 million quarterly loss this week, “needs the money — and a lot more” — and “the clock is ticking,” The Associated Press said. Its lenders can “demand” early repayment of $1 billion in late November, and after Trump leaves office, it’s “not clear” why traders would still “pay as much $1.2 million a year for sneak peeks at his posts.”