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Trump Media & Technology Group shares fell 6% Wednesday amid renewed legal scrutiny around Truth Social. DJT stock extended its three-session decline as a federal lawsuit challenged paid priority access to President Donald Trump’s posts.
The Intercept Media and Freedom of the Press Foundation filed the complaint on Wednesday. They alleged the arrangement violated First and Fifth Amendment protections.
DJT Stock Slides as Legal Pressure Builds
DJT shares fell 6% during Wednesday trading and moved to a one-month low, extending three-session losses. The stock has also declined nearly 37% in 2026, according to the market data in the report. Retail sentiment on Stocktwits stood at bearish, while message activity stayed near normal levels. Chatter around the stock increased 31% during the past week.
The decline came as The Intercept Media and the Freedom of the Press Foundation filed a lawsuit in federal court in Manhattan. The complaint names Trump, White House offices and several executive officials and also names executive assistants Natalie Harp and Dan Scavino.
The plaintiffs want the court to stop government officials from giving paying subscribers faster access to official statements through Truth Social. The complaint reached the Southern District of New York, where the plaintiffs seek a court order to end the arrangement.
Truth API Sells Faster Access to Public Posts
Trump Media launched Truth API on August 1 after announcing the service in July. The service gives customers automated, machine-readable feeds from selected Truth Social accounts. Subscription contracts range from about $60,000 to $100,000 per month. Trump Media interim CEO Kevin McGurn said more than ten corporate customers had signed agreements.
The service targets financial institutions and trading firms that value speed when they process public information. Reports say many customers operate in high-frequency trading, where milliseconds can affect how firms respond to market-moving news. Subscribers can receive posts from Trump and other prominent accounts within fractions of a second. The feed also includes posts from the White House, Vice President JD Vance, FBI Director Kash Patel and other federal officials.
Plaintiffs Challenge Preferential Access
The Intercept and the Freedom of the Press Foundation argue that the paid feed gives private customers an advantage over the public. Their complaint says presidential posts can carry official information about trade, foreign policy, military activity, and other government decisions.
The plaintiffs say those posts can move financial markets when the White House does not release the same information at the same time elsewhere.
Also, the plaintiffs have support from Citizens for Responsibility and Ethics in Washington and Yale Law School’s Media Freedom and Information Access Clinic. The lawsuit claims the arrangement violates the First Amendment by limiting equal access to official government information.
The lawsuit also raises a Fifth Amendment claim over the cost of obtaining faster access. The plaintiffs also point to Trump’s financial interest in Trump Media through his equity stake.
Trump Media Defends Truth API Business
Trump Media has defended Truth API and says other companies also charge for subscription-based data feeds. The company says government information appears across many news outlets and digital platforms.
Truth Social serves as a platform for public communication and open expression. Trump Media rejects the plaintiffs’ claim that the service creates unlawful access rules.
The lawsuit asks the court to block Trump and White House employees from taking part in the paid early-access system. It also asks the court to rule that the exclusive use of Truth Social for certain official announcements violates constitutional protections.
This article is for informational purposes only and does not constitute financial advice. Stock prices can be volatile, and investors should conduct independent research before making investment decisions.
