More than 10 customers have signed on to a controversial service launched by Trump media in August which allows faster access to market-moving posts made on its Truth Social platform. The service, titled Truth API, provides Wall Street firms the first sight of posts from the platform’s most influential accounts.
The customers who have signed up for the service are reportedly willing to pay between $60,000 and $100,000 a month to gain access to the Truth Social data feed. That direct link gives Wall Street an edge over retail traders by delivering Truth Social posts split seconds before the public.
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Truth Social’s most prominent poster, President Donald Trump often announces policy decisions on his company’s platform — sometimes even before his own administration is aware. Instant access to decisions on matters like tariff policy, national security and executive orders that affect the economy could affect the values of oil, bonds, stocks or other assets sharply higher or lower.
“We recognized a modest amount of revenue from these agreements today,” said Kevin McGurn, interim CEO of Trump Media, on a conference call with analysts. “We believe this can grow into a meaningful, durable contributor.”
McGurn announced that the company is in active conversations to grant Truth API access to news organizations and AI companies, including hyperscalers that provide huge amounts of computing powered by massive data centers and large language models.
Truth API has received pushback from Democratic Sens. Elizabeth Warren and Adam Schiff who urged federal regulators to investigate whether Trump Media’s plan to give Wall Street firms access to Trump’s Social Media posts is legal. The lawmakers described the plan as a “shocking abuse of the office of the President” and called for the Securities and Exchange Commission (SEC) to determine if the arrangement violates federal securities law.
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“Early access to President Trump’s social media posts for Wall Street firms, wealthy insiders and high-frequency traders will erode investor confidence in basic fairness of the markets,” Warren and Schiff wrote in a letter to SEC Chair Paul Atkins.
Trump Media was launched in 2021 with an aim to create a conservative-aligned social media platform. However, while Trump uses Truth Social as his principal means of presidential communication, the platform remains a small player, and is possibly even getting smaller. In July, Truth Social attracted just 261,300 daily active users, down 40% year over year, according to data shared with CNN by research firm Similarweb.