President Donald Trump is being sued in New York by The Intercept and the Freedom of the Press Foundation, which allege that selling early access to his Truth Social posts is corrupt and unconstitutional. The suit targets Truth API, a subscription product launched on August 1 by Trump Media & Technology Group, the parent company of Truth Social.
Subscribers pay up to $US100,000 a month, or $US60,000 a month on a three-year commitment, for faster access to posts from Trump's account and nine other senior officials, including Vice President JD Vance. More than 10 customers have signed up, reportedly including high-frequency trading firms, since Trump's posts have a track record of moving markets. Oil prices fell sharply in April after Trump posted that he was calling off a planned strike on Iran, and his announcements on tariffs have similarly swung share prices.
The plaintiffs argue the arrangement breaches the First Amendment right to equal access to the president's public statements, since Trump remains Truth Media's largest shareholder with a stake worth about $US1 billion. Trump Media has dismissed the lawsuit as an attempt by "left wing activists" to censor the president, pointing out that other platforms also sell subscription data feeds.
The case adds to scrutiny of how businesses tied to Trump and his family have grown during his second term. Forbes estimated his personal wealth had climbed to about $US6.5 billion this year, up from $US2.3 billion in 2024, even as Trump Media itself reported a $US238 million net loss for the June quarter.
For Australian investors, the case is a reminder of how much weight a single social media post from the US president now carries over global asset prices, from oil to equities, and how access to that information, however it is regulated, can shape trading outcomes well before local markets open.
