Trump Media & Technology Group (TMTG), the company behind Truth Social and majority-owned by the Trump family, is launching a new data feed called "Truth API." This service will provide paying customers, particularly large trading firms, with near-instant access to posts from high-ranking Truth Social accounts, most notably those of Donald Trump. The company pitched a $100,000 monthly fee for the fastest feed of Trump's posts, with a discounted plan of $60,000 per month for a three-year commitment. This move is aimed at monetizing TMTG's proprietary assets and creating a new revenue stream, as the company reported a net loss of $405 million in the first three months of the year, compared to a $31 million loss a year prior. The service is set to launch in August and has already secured customers.
Trump's posts on Truth Social frequently cause significant market volatility, affecting various assets from oil prices to US stocks. Traders have previously made substantial bets based on Trump's early posts; for instance, $500 million in the oil market moved about 15 minutes before Trump's post about "productive" talks with Iran sent crude prices tumbling. TMTG's interim chief executive, Kevin McGurn, stated that markets already move on Truth Social posts, and the Truth API aims to provide organizations with immediate, verified access, closing a gap where firms previously relied on manual monitoring. This strategy mirrors how other social networks provide APIs to paying customers, with hedge funds and Wall Street firms using low-latency feeds to gain an edge.
The launch of Truth API has drawn criticism, with U.S. Senator Ron Wyden and Senator Elizabeth Warren, both Democrats, calling it an "egregious scheme to profit off the presidency" and "wildly unethical." Critics argue it creates a conflict of interest because the president, through his family's ownership stake, would financially benefit from payments for faster access to his public communications, which are often first released on Truth Social. Donald Trump's @realDonaldTrump account is the largest on Truth Social with 12.9 million followers, making it a critical source of information for financial markets and news organizations. This service also includes an archive of posts dating back to 2022.
