President Donald Trump’s Truth Social is accused of “unprecedented corruption” and insider trading, according to a lawsuit announced Tuesday.<\/p>\n
San Francisco City Attorney David Chiu announced the lawsuit against the platform’s parent company, Trump Media, for selling subscriptions allowing early access to the president’s social posts. Chiu said the paid access violates federal ethics laws and facilitates insider trading.<\/p>\n
“Trump Media created a marketplace that enables insider trading, which Trump directly profits from,\u201d Chiu said in a statement. “This scheme turns the public trust into private profit. It is corruption, plain and simple. Californians should not be forced to compete against wealthy trading firms buying early access to market\u2011moving information. We are acting decisively to stop this corruption and protect Californians, who work hard, save, and invest responsibly. They deserve a fair marketplace and an ethical government that won\u2019t sell them out to make a quick profit.”<\/p>\n
\n\t\t\t\t\t\t\t\tSan Francisco City Attorney David Chiu joins NBC Bay Area to discuss a lawsuit he has filed against President Donald Trump’s Truth Social.\n\t\t\t\t\t\t\t<\/p>\n
Truth Social over the summer started selling a subscription<\/a> that allows financial firms and other organizations to get alerts for new posts made by Trump and other top accounts before general users do. For a high-frequency trading firm, even milliseconds of a head start could make a huge difference, NBC News<\/a> recently reported.<\/p>\n The lawsuit, which aims to stop the service, claims the deal is making Truth Social an estimated $60,000 to $100,000 a month and violates California’s unfair competition law.<\/p>\n Trump Media is responding to the lawsuit by saying its service is no different than any standard subscription uses pay for ways to trade stock successfully.<\/p>\n \n\t\t\t\t\t\t\t\tTrump Media is responding to the lawsuit by saying its service is no different than any standard subscription uses pay for ways to trade stock successfully. NBC Bay Area’s Scott Budman reports.\n\t\t\t\t\t\t\t<\/p>\n Trump has the largest following on the platform and has used Truth Social as his go-to platform to release official statements throughout his second term.<\/p>\n NBC News contributed to this report.<\/p>\n","protected":false},"excerpt":{"rendered":"President Donald Trump’s Truth Social is accused of “unprecedented corruption” and insider trading, according to a lawsuit announced…\n","protected":false},"author":2,"featured_media":473627,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[536,101,103,102,104,106,105],"class_list":["post-473626","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-francisco","tag-donald-trump","tag-san-francisco","tag-san-francisco-headlines","tag-san-francisco-news","tag-sf","tag-sf-headlines","tag-sf-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/473626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=473626"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/473626\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/473627"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=473626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=473626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=473626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}