Trump Media & Technology Group (TMTG), the company behind Truth Social, is introducing a paid data service called "Truth API." This service will provide paying customers, particularly Wall Street firms, with licensed, real-time access to posts from President Donald Trump and other top accounts on the platform. Kevin McGurn, Trump Media's interim chief executive officer, stated that "Markets already move on Truth Social posts," underscoring the service's appeal to those seeking market-moving information.
The company has reportedly discussed charging Wall Street traders and investment firms as much as $100,000 per month for the fastest access to the U.S. president's posts. A discounted plan of $60,000 per month is also being pitched for firms signing up for a three-year commitment. This move marks Trump Media's first venture into data licensing, opening a new revenue stream for the company, which is currently loss-making.
The Truth API is expected to launch on August 1, and TMTG claims to have already secured institutional customers. The service promises to deliver posts to paying institutional clients in milliseconds, which can be crucial for high-frequency trading firms where even a few milliseconds' advantage can lead to substantial gains. Until now, banks and traders had to manually monitor the app, but the new system will send posts directly to paying clients.
However, this initiative has faced immediate criticism from Democrats. U.S. Senator Ron Wyden called it a scheme to financially benefit the Trump family and enrich Wall Street, while Senator Elizabeth Warren described it as an "egregious scheme to profit off the presidency." Donald Sherman of Citizens for Responsibility and Ethics in Washington labeled the arrangement "wildly unethical" due to the president's potential personal gain from faster access to his posts, though its legality remains unclear. Trump's family is the largest shareholder in Trump Media & Technology Group, meaning he stands to profit directly from the sale of expedited access to his public statements.
