Donald Trump Files $15 Billion Defamation Lawsuit
Former President Donald Trump filed a $15 billion defamation lawsuit against The New York Times, four reporters, and publisher Penguin Random House. The case was filed Monday in a Florida federal court. Trump claims their reporting harmed his cryptocurrency project, the $TRUMP token.
The lawsuit alleges a decade-long pattern of intentional defamation. It focuses on a book and several articles published before the 2024 presidential election. These works questioned Trump’s business skills and damaged his reputation and ventures, including his crypto assets.
Details of the Lawsuit
The complaint specifically targets the book Lucky Loser: How Donald Trump Squandered His Father’s Fortune and Created the Illusion of Success. The book was co-authored by New York Times reporters Susanne Craig and Russ Buettner. It was published by Penguin Random House.
One article in the lawsuit questions the $TRUMP token’s connection to Justin Sun. Sun is a Chinese crypto billionaire and an early investor in the token.
The New York Times responded, saying, “This lawsuit has no merit. It lacks any legitimate legal claims and instead is an attempt to stifle and discourage independent reporting. The New York Times will not be deterred by intimidation tactics. We will continue to pursue the facts without fear or favor and stand up for journalists’ First Amendment right to ask questions on behalf of the American people.”
Market Impact on $TRUMP Token
According to CoinMarketCap, the $TRUMP token has fallen 88% from its all-time high of about $75.35. Its current price is around $8.49. The token’s market capitalization is about $1.7 billion. The lawsuit claims the reporting caused this market drop.
Despite the token’s decline, Trump’s overall net worth has reportedly increased by billions. This growth is linked to his crypto and other business ventures. His sons, Eric Trump and Donald Trump Jr., have also increased their involvement in blockchain projects.
