It's real to him at least. It's also real in that it is being talked about by some. But nothing has proven it to be accurate. Which is why the media can call it whatever they want. Since the likelihood of them actually investigating to disprove it or prove it is slim to none, they will dismiss it as a nutty conspiracy theory. The likelihood of these people who believe it is true finding evidence to bring it to prosecution is even more uinlikely.
You are right... it’s real... in his own head.... which says something about his own head!