Monday, the media organization of former President Donald Trump initiated legal proceedings against twenty media organizations, alleging that they engaged in a conspiracy to “attack” the organization and sabotage certain business prospects.
The lawsuit asserts that a “unprecedented and seemingly coordinated media campaign” disseminated the fraudulent claim that Trump Media & Technology Group and Truth Social had suffered a $73 million loss.
The lawsuit alleged that the aforementioned report epitomized the term “fake news.”
“This number was an utter fabrication,” the suit said. “Each defendant, in apparent coordination, reported the exact same false number within approximately 24 hours of one another, each citing to a public Securities and Exchange Commission (“SEC”) filing, in which the mystery $73 million loss appears nowhere.”
The reports were released last week, amidst merger discussions between TMTG and Digital World Acquisition Corporation, which had previously declared its intended to merge with Trump’s organization in October 2021, approximately two years prior.
According to the lawsuit, the result of the merger would be that TMTG would become publicly traded, “enabling retail investors who support
TMTG’s mission to invest directly in the company.”
The merger, therefore, became “a crucial part of TMTG’s business plan” because it would allow Trump’s company access to funds for investment and expansion that it might otherwise have to borrow at higher cost.
The establishment media reportedly reacted negatively to DWAC’s publicly available statement with the Securities and Exchange Commission regarding the proposed merger, according to the lawsuit.
“That same day, and continuing into the next, numerous media outlets, including the named Defendants, in apparent coordination, ran materially identical headlines and stories, each citing to the S-4 filing with the SEC, and falsely claiming that the S-4 showed that TMTG lost $73 million,” the lawsuit alleges.
The issue with that figure is that it seems entirely fabricated, notwithstanding its appearance in numerous reports from various outlets (the argument goes, this suggests coordination among the mainstream outlets).
Reuters, The Hollywood Reporter, The Miami Herald, The Hill, Deadline, Marketwatch, Benzinga, Forbes, Axios, Daily Beast, The Guardian, Salon, Gixmodo, CNBC, MSNBC, Newsweek, the New York Daily News, Mediaite, and the Daily Mail of the United Kingdom are among the media organizations named in the lawsuit.
The complete lawsuit is available for reading below.
The lawsuit, which was submitted in the 12th Circuit Court of Florida, accuses each of the named defendants of defamation and harmful falsehood.
In addition to court costs, the lawsuit demands a jury trial and claims $1.5 billion in damages.
“The Daily Mail, Reuters, Axios, Salon, New York Daily News, Newsweek, MSNBC, Mediaite Daily, and CNBC have all updated or corrected their reports” by Tuesday morning, according to Insider.
Insider observed that the Miami Herald seemed to have removed its report, while The Guardian, Rolling Stone, The Hill, Deadline Hollywood, Benzinga, and the Daily Beast had reportedly not provided any updates or corrections. The outlet stated that none of those outlets responded to Insider’s requests for comment.