San Francisco Sues Trump Media Over Truth Social API, Alleging Insider Trading

San Francisco City Attorney David Chiu filed a lawsuit Monday against Trump Media & Technology Group, alleging its Truth API subscription service enables insider trading by giving paying subscribers millisecond-early access to President Donald Trump's Truth Social posts. The suit, filed in San Francisco Superior Court, targets a service launched Aug. 1 with monthly fees up to $100,000. It cites an April 9, 2025, Trump post urging investors to buy hours before a 90-day tariff pause sent the S&P 500 up 9.5%, and a May 23, 2025, post that reversed his opposition to Nippon Steel's $14 billion acquisition of U.S. Steel, lifting shares from $42.90 to $52.55. Trump Media rejected the claims, saying critics fail to distinguish public from nonpublic information. Trump, who holds roughly 41% of the company through a trust managed by his son, was not named as a defendant. Trump Media stock traded at $9.20 Tuesday, down about 48% over the past year.