San Francisco City Attorney David Chiu announced today that he filed a lawsuit against Truth Social’s parent company for selling early access to Donald Trump’s Truth Social posts, aiding violations of federal ethics laws, and facilitating insider trading. The lawsuit, filed on behalf of the People of the State of California, alleges Trump Media & Technology Group Corp. (Trump Media) has violated multiple state and federal laws through its pay-to-play Truth API service that gives wealthy trading firms advance access to market-moving, government announcements before everyday ordinary market investors.

This unprecedented corrupt scheme turns material nonpublic information gained from Executive Branch service into profit for Trump and Trump Media, for which the President remains the largest shareholder.

“Trump Media created a marketplace that enables insider trading, which Trump directly profits from,” said San Francisco City Attorney Chiu. “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‑moving 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’t sell them out to make a quick profit.”

SEIU 1021 President Theresa Rutherford joined Chiu in announcing the lawsuit explaining how the President’s actions will hurt working people who are just getting by and investing their hard earned money into stocks and retirement accounts. 

“In finance that millisecond advantage can mean Wall Street traders exploit the advantage and our members’ lifesavings. Everyday people don’t have this kind of money to have access and shouldn’t have to compete. We must protect working people,” said Rutherford.