President Donald Trump has filed a lawsuit against the New York Times for damages of up to 15 billion USD, accusing the newspaper and several reporters of deliberately defaming his reputation as well as harming the TRUMP memecoin project.
In a statement posted on Truth Social, Trump accused the New York Times of having a "long history of lies and slander" to support the Democratic Party. He cited the newspaper's open support for Vice President Kamala Harris in the most recent election as clear evidence of bias.
Trump emphasized:
"They have been intentionally using this abusive model for a long time, which is both unacceptable and illegal. The New York Times has been allowed to lie, slander, and defame me for too long. That will end, RIGHT NOW! The lawsuit is being conducted in the state of Florida."
In response, a spokesperson for the New York Times stated that this lawsuit lacks legal basis and is merely aimed at "hindering and intimidating independent press activity."
Details of the lawsuit
According to court records, the lawsuit explicitly names several reporters from the New York Times including Susanne Craig, Russ Buettner, Peter Baker, and Michael S. Schmidt as co-defendants. Additionally, the publisher Penguin Random House – the entity releasing the book about Trump compiled by Times reporters – is also included in the lawsuit.
Trump's legal team argues that the series of articles and this book were produced with "malice," deliberately released during the election season to cause maximum political harm. The lawsuit alleges that these publications not only defame Trump's personal reputation as a candidate but also harm the Trump Organization's family business and media, cryptocurrency projects – especially the TRUMP memecoin.
The records state:
"The false statements have damaged the reputation of President Trump in his role as a businessman as well as the legality of the Trump Organization, thereby causing direct and easily observable harm to the value, revenue, and profits of these businesses."
The context of the TRUMP memecoin market
The lawsuit comes amid a significant drop in the TRUMP memecoin. According to data, this token has lost more than 88% of its value since its launch.
While the cryptocurrency market is notoriously volatile, Trump's legal team argues that the continued negative press coverage has exacerbated the situation, undermining investor confidence and directly affecting the performance of the token.