Trump Sues 20 Media Outlets For Saying Truth Social Is Losing Money

Donald Trump's Trump Media and Technology Group has filed a lawsuit against 20 media outlets for reporting that Truth Social had lost $73 million since it began. The figure actually IS wrong, and most of the media outlets had actually posted corrections to their stories after the error was revealed, but that didn't stop Trump's lawyers from filing the lawsuit alleging that the media outlets engaged in a coordinated campaign. This isn't a fight that Trump should be picking right now, even if the outlets were wrong, and Ring of Fire's Farron Cousins explains why.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Lawyers for Trump Media and Technology Group, the group that actually owns Truth Social have filed a lawsuit against 20 different media outlets for all reporting That Truth. Social has lost tens of millions of dollars since its inception. Now, you may know this, a couple weeks ago, about two weeks ago, actually, there was a big report that came out that said that Truth Social has lost $73 million in the two years since it first went online. Well, it turns out that those reports were actually inaccurate because according to Reuters, they had accidentally counted a $50, a $50 million profit as a $50 million loss. So they didn't lose 73, it would be more like, uh, 23 million based on that math. So when those reports came out, and these outlets were informed by Trump Media and Technology Group that, Hey, your numbers are off. Most of these outlets then issued a correction, letting their viewers, letting their readers know that, Hey, we actually did the math wrong.

They didn't lose as much money as we said they had lost. But you know, honestly, things still aren't looking that great for 'em. Nevertheless, even with those corrections, Donald Trump's lawyers have filed a suit against 20 different media outlets, including Reuters, alleging that there was a deliberate, malicious, and coordinated attack against Truth Social. And they then cited the fact that these incredible circumstances that all of these outlets happened to report the same 73 million. So they're accusing these outlets of somehow coordinating together to all say that it was a $73 million loss for Truth social. Now, on that front, I can tell you exactly what happens. The first outlet comes out with the report, which you know, they say was based on the numbers that they got from Digital World acquisitions filings. So the first group that initially breaks the story did the math wrong. So all of the other subsequent stories end up using those numbers because it was from a trusted news organization that already did the math.

So everybody else just runs with it and adds to it. So that's not a coordinated attack. You can go online and you can see the different times at which all of these stories were posted, and you're gonna see the first error was the first one posted. Everybody else used those same numbers because this outlet had already done it. By virtue of that, by the way, that's probably going to get 19 out of 20 of these media outlets, you know, dismissed from the lawsuit. So that's not a good start for Trump's people. But what's even worse is the fact that if you wanna move forward with this lawsuit against these media outlets, which let's be real, you really don't have much ground to do that since they all

Did issue corrections. However, if you did see significant stock drops because of the initial report, you actually may still have a case, but you shouldn't move forward with it. And here's why. If you move forward with this lawsuit disputing your financial situation, you do know what happens, right? You're gonna have to turn over all of your financial documents to all of these media outlets that remain in the lawsuit.