Donald Trump's media company is planning to offer Wall Street traders and institutions early access to posts from "highest-ranking" accounts on the Truth Social platform, a service that could generate significant revenue but also raises ethical questions. The new offering, named Truth PSI, would allow paying customers to see certain posts milliseconds before the general public, according to a press release from Trump Media & Technology Group.
The company expects the service to become a "meaningful" source of revenue as part of a strategy to "monetize proprietary assets," with a launch expected next month. The target customers are high-frequency traders who rely on split-second advantages to profit from fluctuations in stocks, bonds, and interest rates.
Critics argue that selling early access to presidential communications, which can significantly impact financial markets, presents a conflict of interest. "It's odious, selling access to highest bidders on Wall Street," said Dylan Hedler-Gaudette, an expert on federal ethics rules at the Project on Government Oversight. "Everything he says has market implications."
Past posts from Trump have demonstrably moved markets. In April of the previous year, an announcement about tariffs on Truth Social sent stocks plunging nearly 5%, while a subsequent reversal caused stocks to soar by 9.5%, adding an estimated $4 trillion to investor wealth. Another post regarding a ceasefire for Iran caused oil prices to plummet instantly.
Kathleen Clark, an expert in government ethics rules at Washington University School of Law, called the move "yet more brazen corruption," stating that Trump "can line his pockets by selling access." While federal conflict of interest laws typically bar government officials from profiting from their office by selling access to their decisions, the president and vice president are explicitly excluded from this provision. However, presidents since the law's passage have generally acted as if it applied, by divesting assets or placing them in blind trusts, a practice Trump has refused.
The White House referred questions about the new service and potential conflicts of interest to Trump Media & Technology Group, which did not respond to requests for comment. The Trump Organization also declined to comment.
Trump has consistently denied any conflicts between his public duties and financial opportunities. The White House has previously stated that Trump acts solely in the country's best interest and is not involved in his family's business dealings.
Truth Social's parent company has struggled financially, with its stock price plunging more than 70% since Trump took office. The company has attempted to diversify into areas such as cryptocurrency, financial services, and nuclear fusion, without notable success. The stock saw a modest increase of 0.6% on the news of the Truth PSI service, trading at $9.66, a significant drop from its pre-inauguration closing price of $40.