Overview

• Trump Media & Technology Group (TMTG), the company behind Truth Social, has filed a lawsuit against 20 media outlets, alleging defamation over reports of the company's losses.
• The outlets reported that Truth Social had lost $73 million, a figure TMTG describes as an 'utter fabrication'.
• The lawsuit seeks damages of $1.5 billion and injunctive relief prohibiting the publication or republication of the defamatory statements.
• Despite the controversy, TMTG and Digital World Acquisition Corporation (DWAC) are still planning to merge, a deal that is hoped to bolster Truth Social's financial standing.
• SEC filings show that Truth Social recorded an operating loss of $23 million in the first half of 2023, with net sales of $2.3 million.