Trump Media & Entertainment (TMTG), the company behind Truth Social, is facing criticism over a plan to offer traders preferential access to posts from the platform, including those made by former President Donald Trump. Critics contend that charging for this access, particularly given the market-moving nature of Trump's pronouncements, amounts to "corrupt profiteering off the presidency."
Sen. Adam Schiff (D, Calif.) denounced the offering on social media, calling it another scheme to support Trump's "failing social media business." Sen. Richard Blumenthal (D, Conn.) echoed these concerns, stating that providing preferential access to Truth Social posts, which can influence global markets, is "yet another example of flagrant corruption, trading access to the White House for Trump’s self-enrichment."
Trump Media debuted on the Nasdaq in March 2024, with its stock initially closing at $57.99 per share. However, the stock price has since declined significantly, falling into single digits. Truth Social was launched as Trump's response to his ban from Twitter following the events of January 6, 2021. In the past two years, the company has reported losses exceeding $1 billion. TMTG is reportedly exploring diversification through ventures such as cryptocurrency and nuclear fusion in an effort to boost its stock price.