TMTG Files Defamation Lawsuit Against Washington Post Over Truth Social Article
Date
5/23/2023 3:29:07 AM
(MENAFN) trump media and Technology Group (TMTG), the parent company of Truth Social, the platform launched by former United States President Donald Trump, has filed a defamation lawsuit against the Washington Post. TMTG alleges that the newspaper's recent article, which it describes as an "egregious hit piece," poses a significant threat to the existence of Truth Social. The lawsuit, filed in Florida's Twelfth Circuit on Saturday, is seeking USD3.78 billion in compensatory and punitive damages.
The focal point of the lawsuit is the Washington Post's article titled "Trust linked to porn-friendly bank could gain a stake in Trump's Truth Social," published on May 13. TMTG claims that the news outlet falsely accused the company of securities fraud and other wrongdoing.
According to the article, TMTG allegedly concealed crucial information from its shareholders. It was claimed that the company secured a loan from Paxum bank, referred to as a "porn-friendly bank," without disclosing this to its shareholders. The loan arrangement was said to give a Russian banker with suspicious ties a controlling stake in Truth Social. Furthermore, the Washington Post stated that TMTG failed to disclose that it had paid a substantial finders' fee to the CEO of Digital World Acquisition Corporation (DWAC), the special purpose acquisition corporation with which TMTG merged over a year ago, for facilitating the loan from Paxum bank.
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