More than 10 firms are already paying tens of thousands of dollars each month to see important Truth Social posts ahead of the wider public, raising fresh questions about money, markets and the influence of Donald Trump’s social media account.
More than 10 customers have signed up for Trump Media’s new service that gives financial firms faster access to posts made on Truth Social.
The service, called Truth API, was launched earlier this month and is aimed mainly at high-frequency trading firms. Customers are being charged between $60,000 and $100,000 a month, interim chief executive Kevin McGurn said.
The idea is simple: traders get to see posts from influential Truth Social accounts before other users.
That could matter when Donald Trump posts about companies, markets or other issues that can quickly affect prices.
But the service has already raised questions over whether some traders are being given an unfair advantage.
The concerns are also linked to Trump’s ownership interests. His family remains the majority shareholder in Trump Media, meaning the company could make money from providing faster access to statements made by the president himself.
Trump Media said the new service is expected to become a new source of revenue.
McGurn said the company believes Truth API could become a “meaningful” and “durable” part of its business.
The move comes as Trump Media faces heavy financial losses.
SEE ALSO: Trump Media Reports $238 Million Loss After Crypto Prices Drop
The company reported a loss of $238m between April and June, more than 10 times its loss during the same period last year. Revenue, however, rose 89% to $1.7m.
A large part of the loss was linked to its cryptocurrency investments.
Analyst Markus Thielen of 10x Research said Trump Media now looked more like a crypto company “wrapped around” a media business.
The company has also been exploring clean energy, technology, news and betting-related ventures.
For now, Truth API is giving Wall Street firms something potentially valuable: earlier access to Trump’s words. The bigger question is whether that advantage will become a major source of income or bring more scrutiny to the company.
