Wall Street traders are paying as much as $100,000 per month for expedited access to Donald Trump's social media posts through a new service offered by Trump Media & Technology Group. The Truth API service, launched in early August, provides customers with high-speed access to posts from influential accounts on the Truth Social platform, including Trump's own.
More than ten customers have already subscribed to the service, which costs between $60,000 and $100,000 monthly. According to Trump Media CEO Kevin McGurn, the early adopters are primarily from high-frequency trading firms. These firms can leverage the information obtained fractions of a second earlier to execute automated trades on stocks, bonds, and currencies.
Donald Trump launched the Truth Social platform in 2022.
The paid service has drawn criticism, with some alleging it serves as a conduit for Trump and his associates to profit from his presidency. Kathleen Clark of Washington University School of Law told the Associated Press that this practice represents "selling expedited, privileged access to information about what he is doing as president" and called it "brazen corruption."
McGurn defended the practice, stating that providing licensed real-time public data through commercial APIs is a standard business operation across technology, financial information, and media industries. He indicated that the Truth API is a component of a larger media technology strategy.
These developments coincide with Trump Media & Technology Group reporting a significant increase in quarterly losses. For the second quarter ending June 30, the company posted a loss of £176 million, a tenfold increase from the £15 million loss in the same period last year. The company attributes these losses partly to its diversification into areas such as cryptocurrency, online betting, finance, and nuclear energy.
Trump Media plans to scale back many of its newer ventures to concentrate on its core social media mission and its role as a platform for user expression. McGurn stated that the company made a "disciplined choice to pivot" to focus resources on key initiatives, which includes continuing its nuclear fusion business. The company aims to finalize a merger with energy firm TAE Technologies by the end of 2026.