The Trump Media & Technology Group (TMTG) is planning to charge as much as $100,000 per month for early access to former President Donald Trump's social media posts, which have previously influenced market movements, according to sources familiar with the talks cited by the Financial Times. The company is exploring a six-figure monthly subscription model for a product referred to as 'Truth API'.
Investment firms rely on rapid market data, often processed by algorithms that execute trades. The speed of information can be critical, making fractions of a second significant for profit or loss. Trump has frequently been observed to trigger substantial market shifts with posts announcing key decisions, including those related to oil-rich regions like Iran and Venezuela, and tariffs on major trading partners.
The proposed 'Truth API' has reportedly drawn criticism on Wall Street, as it would introduce a significant new expense for traders. TMTG has indicated plans to launch the service next month, with some customers already having signed up. Interim CEO Kevin McGurn stated that markets already react to Truth Social posts and that the company anticipates 'Truth API' to become a substantial, recurring revenue stream as adoption increases.
TMTG maintains that the speed advantage offered by the API would only be measurable in milliseconds and would not be noticeable to the general public.
Donald Trump looks at his phone during a roundtable with governors on the reopening of America's small businesses, in the State Dining Room of the White House in Washington, June, 2020
Trump Media & Technology Group, which is majority-owned by the Trump family, controls the Truth Social platform. Since Trump took office, TMTG's stock price has seen a significant decline, falling over 70 percent and erasing billions in shareholder wealth. On Thursday, the stock rose 0.6 percent to $9.63.
According to a CNN analysis, Trump has promoted more than 20 companies on Truth Social shortly after purchasing shares in them. Some of these posts were accompanied by announcements of government actions that could potentially benefit these firms. It remains unclear whether Trump was aware of the stock trades before posting about the companies or their products.
Past presidential candidates and presidents have typically placed their assets in blind trusts to avoid conflicts of interest, a precedent Trump departed from by not utilizing such a trust. Legal experts have suggested that conflict of interest laws could bar U.S. government officials from owning companies that profit from their office by selling access to their decisions. The White House has previously denied that Trump has profited from his presidency.