The president is Trump Media's largest shareholder, with a 41.3% stake worth approximately $950 million through his Donald J. Trump Revocable Trust, Reuters data show.
His oldest son Donald Trump Jr. is a Trump Media director and oversees the trust.
Other accounts offered through Truth API include those of Vice President JD Vance, Health and Human Services Secretary Robert F. Kennedy Jr., FBI Director Kash Patel and the White House itself, the complaint said.
The SEC's three current commissioners are Republican.
Complaint says paid access is 'profoundly corrupt'
In the complaint, the plaintiffs called the Truth API service "profoundly corrupt" because the president stands to gain financially when subscribers sign up.
They also said the service violated the U.S. Constitution's First Amendment because everyone deserved equal access to Trump's announcements, and there was no legitimate government interest in selling Trump's posts to private subscribers and letting him profit.
According to the complaint, many of Trump's 9,000 to 11,000 Truth Social posts and reposts during his second White House term were never followed by official White House statements.
A Trump Media spokesperson said "countless" platforms and news outlets, including many offering subscription feeds, already disseminate information from Trump, a Republican.
"Now, left-wing activists are trying to wrongfully weaponize the courts to censor him" and harm shareholders, the spokesperson said.
On an earnings call on Monday, Trump Media interim Chief Executive Kevin McGurn said Truth API enabled subscribers to get news "fractionally faster" than others.
Lawsuit targets paid Truth Social early-access feed
NEW YORK, Aug. 12 (Reuters) - Donald Trump was sued on Wednesday by two media entities seeking to shut down a new service that sells paid access to the U.S. president's posts, including some that can move markets, on his Truth Social platform.
The complaint filed in Manhattan federal court by the Intercept and the Freedom of the Press Foundation challenges Truth API, a feed offered by Trump Media & Technology Group that charges up to $100,000 a month for early access to 10 high-profile Truth Social accounts, including Trump's own.
Truth API launched on Aug. 1, four days after Democratic Senators Elizabeth Warren of Massachusetts and Adam Schiff of California called on the U.S. Securities and Exchange Commission to investigate whether it undermined the integrity of financial markets while enriching Wall Street, wealthy insiders and Trump.
The White House did not immediately respond to a request for comment. Other White House officials are also defendants but Trump Media is not.
DJT•
