Trump Media and Technology Group launched its new Truth API subscription service on Saturday, offering paying customers faster, real-time access to Truth Social posts from Donald Trump and other high-profile accounts. The service, which costs up to $100,000 per month, has drawn immediate criticism as a potential corruption scheme benefiting a sitting president.
What Happened
The Truth API is an application programming interface designed to provide businesses with “a direct, licensed, real-time feed of the platform’s most market-moving Truths,” according to interim CEO Kevin McGurn in a release announcing the launch. Trading firms and other paying subscribers can now access posts earlier than regular users, a feature that mirrors paid data services on competing platforms but with a notably steep price tag.
Trump’s @realDonaldTrump account, which had 13 million followers as of Saturday, is by far the largest on Truth Social. He frequently uses it to announce major policy decisions before making them elsewhere, including posts involving tariffs and the Iran war that have the potential to shift financial markets.
Criticism and Concerns
Critics argue the service is blatant evidence of market manipulation and insider trading. The launch comes just days after Democratic senators Adam Schiff and Elizabeth Warren called on the Securities and Exchange Commission (SEC) to examine the new service. In a letter dated Tuesday and sent to SEC chair Paul Atkins, the lawmakers urged the agency to investigate whether the company was breaking the law.
“This appears to be an outrageous abuse of the President’s office for his personal benefit that undermines everyday investors and the integrity of our markets, while enriching Wall Street and other wealthy insiders,” the senators wrote.
Impact on Markets and Trump's Finances
Last year, Trump published more than 100 Truth Social posts in a single day while global stock markets tumbled amid concerns that his economic agenda could trigger a “Trumpcession” in the US. His posts about Iran have drawn particular attention because investors remain concerned that rising oil prices could keep inflation elevated and potentially lead the Federal Reserve to increase interest rates.
Trump Media’s stock has fallen by more than 70% since the president took office last year, wiping out roughly $6bn (£4.4bn) in shareholder value. Those losses, combined with billions more in investor losses connected to new Trump family cryptocurrency ventures, have come under increased scrutiny after Trump’s annual financial disclosure showed he generated more than $1 billion in revenue last year from the same companies and offerings.
Market Reaction and Revenue Prospects
On Friday, one day before Truth API’s debut, shares of Trump Media climbed 5.5% to $10.39 shortly before the market closed, reported Forbes. The president’s company has primarily depended on advertising revenue, but the new API service could expand its revenue sources if it proves successful.
The launch of Truth API raises significant ethical and legal questions, as it directly ties Trump's political power to his personal financial interests. The SEC's response to the senators' request will be closely watched, as will the market's reaction to the new service.
