Donald Trump · Wall Street · Fortune Technology
Nearly a dozen firms are already paying up to $100,000 per month for early access Trump’s Truth Social posts
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More Wall Street customers are signing up for a Trump Media & Technology Group service that allows earlier access to new Truth Social posts, a feature some economists are calling a form of insider trading.
Key facts
- Trump owns about 41% of company shares for Trump Media, leaving him to benefit from the new revenue stream of Truth API subscribers, which at 10 users, could drive up to $1 million in monthly
- The rollout of Truth API coincides with the company reporting a loss of $238 million between April and June, more than 10 times the magnitude of the quarterly losses a year ago, as it branched out
- Some legal experts, such as Tyler Gellasch, CEO of Healthy Markets Association and former SEC counsel, warned Truth API is part of a broader changing infrastructure of how finances are disclosed
- I’ll be blunt,” Gian Luca Clementi, an economics professor at NYU Stern School of Business, told Fortune
Summary
Trump Media, founded by President Donald Trump in 2021, announced more than 10 customers have signed up for Truth API, or Application Programming Interface, a service that began earlier this month that gives Wall Street traders access to Truth Social posts from top users, including Trump, milliseconds before being published for the platform’s broader audience. Interim CEO Kevin McGurn said during the company’s earnings presentation on Monday most Truth API customers are high-frequency trading firms, but it is in talks to sell the product to hyperscalers, large news organizations, and large-language model developers, as well as expand the tool for retail trading.
The rollout of Truth API coincides with the company reporting a loss of $238 million between April and June, more than 10 times the magnitude of the quarterly losses a year ago, as it branched out beyond media, such as cryptocurrencies.