- Trump Media and Technology Group launched its new paid data service on Aug. 1, providing faster access to Truth Social posts from President Donald Trump and other top accounts on the platform.
- The new service, Truth API, is an application programming interface designed to give firms "a direct, licensed, real-time feed of the platform's most market-moving Truths," according to interim CEO Kevin McGurn.
- Democratic Sens. Adam Schiff and Elizabeth Warren took aim at the service and urged the Securities and Exchange Commission (SEC) to investigate whether the company is violating the law.
- In a letter dated Tuesday to SEC chair Paul Atkins, Schiff and Warren said the service "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."
- McGurn said "Markets already move on Truth Social posts," and Truth API advances the company's strategy to monetize proprietary assets through a high-margin, recurring revenue stream.
Trump Media and Technology Group launched its new Truth API on Aug. 1, providing clients with a paid service for faster access to posts from Donald Trump and other prominent accounts on Truth Social. The API aims to deliver a direct, licensed, real-time feed of the platform's most impactful posts, which interim CEO Kevin McGurn described as "market-moving Truths."12367
The @realDonaldTrump account, with 13 million followers, is the largest on Truth Social, often sharing significant policy updates first. Trump's family holds the largest share in Trump Media, the company behind Truth Social. However, the launch has drawn criticism from Democratic Senators Adam Schiff and Elizabeth Warren, who have called for an investigation by the SEC into potential legal violations. They argue that the service could be an abuse of presidential power for personal gain, undermining market integrity and benefiting wealthy insiders.4
McGurn emphasized that the Truth API is part of a strategy to monetize proprietary assets, creating a high-margin, recurring revenue stream. He noted that markets already react to posts on Truth Social, indicating the potential influence of the platform on financial markets. The SEC has not commented on the senators' request for investigation.
“Democratic Sens. Adam Schiff and Elizabeth Warren urged SEC Chair Paul Atkins to investigate, calling Truth API "an outrageous abuse of the President's office" that enriches Wall Street insiders. Interim CEO Kevin McGurn said "markets already move on Truth Social posts" and framed Truth API as a high-margin, recurring revenue stream.”
CNBC
