Trump Media & Technology Group (TMTG) is reportedly pitching hedge funds and other financial firms a "premium" data service, dubbed Truth API, for up to $100,000 per month. This service, set to launch on August 1st, offers a machine-readable, low-latency feed of posts from the 10 most influential Truth Social accounts, including those of Donald Trump. A discounted plan of $60,000 per month is also available for firms signing up for a three-year commitment. Interim CEO Kevin McGurn stated that markets already react to Truth Social posts, framing the feed as a "direct, licensed, real-time" version of existing practices.
This pricing strategy has drawn significant criticism from ethics experts and Democratic lawmakers. Dan Greenberg of the Cato Institute warned that monetizing exclusive access to market-moving statements could "open the door to insider trading," while Kathleen Clark of Washington University School of Law called it "brazen corruption." Senators Elizabeth Warren and Ron Wyden expressed concerns that this scheme would profit from the presidency and enrich Wall Street, doing nothing for ordinary Americans. Donald Sherman of the nonpartisan watchdog group Citizens for Responsibility and Ethics in Washington described the arrangement as "wildly unethical."
Financial experts highlight that a speed advantage of mere milliseconds in accessing such information can translate into hundreds of thousands of dollars in gains for high-frequency trading firms. Trump's social media posts have historically moved markets; for instance, on April 9, 2025, Wall Street indexes surged after a Truth Social post where Trump indicated a 90-day pause on many new tariffs. While federal regulations generally prohibit trading on material, non-public information, legal experts note that this restriction might not apply if potentially hundreds of firms gain earlier access through the API. TMTG shares, which have dropped approximately 27% this year, closed recently at $9.66, valuing the company at about $2.7 billion.
