- The Truth API charges up to $100,000 a month for millisecond-faster access to Trump's posts, with a reduced rate of $60,000 a month for firms committing to a three-year agreement; Trump Media said customers had already signed up before the launch date.
- Sens. Elizabeth Warren and Adam Schiff wrote to Securities and Exchange Commission (SEC) Chair Paul Atkins urging an investigation into whether Truth API runs afoul of insider trading and market manipulation laws; they called it an "outrageous abuse of the President's office" that undermines everyday investors and enriches Wall Street insiders.
- The SEC declined to comment; Trump Media spokesperson Shannon Devine rejected the characterization, saying Truth API offers the fastest way to ingest publicly available Truth Social data and that critics invented a "new theory of 'insider trading'" based on publicly available information.
- On Truth Social, @realDonaldTrump commands the platform's biggest audience, with 13 million followers, and has been used to announce tariff decisions and major military operations; in high-frequency trading, even slightly earlier access to market-moving information can yield outsized returns.
- Trump holds an approximately 41% stake in the company through a family trust, putting him in line to benefit financially as subscriptions grow.
- Boston College professor and former senior SEC official Renée Jones said the feed could cross into misappropriation territory under federal securities law and flagged the 2012 Stock Act; the feed covers accounts including Trump's @realDonaldTrump and the @WhiteHouse, while major banks have shown little interest citing political risk.
Trump Media & Technology Group launched its Truth API on Saturday, offering financial firms near-real-time access to posts from President Donald Trump and other top accounts for up to $100,000 a month. This service has raised concerns among lawmakers regarding potential violations of insider trading laws.
The Truth API is designed to provide a direct, licensed feed of market-moving information, with interim CEO Kevin McGurn stating, "Markets already move on Truth Social posts. Truth API delivers a direct, licensed, real-time feed of the platform's most market-moving Truths while advancing our strategy to monetize proprietary assets through a high-margin, recurring revenue stream."
Democratic Senators Elizabeth Warren and Adam Schiff have called for an investigation by the Securities and Exchange Commission (SEC), arguing that the service represents an "outrageous abuse of the President's office for his personal benefit that undermines everyday investors and the integrity of our markets."45
Experts like Renée Jones, a Boston College professor, suggest that selling premium access to a feed used by the president for official disclosures could violate federal securities law, particularly the 2012 Stock Act, which prohibits executive branch officials from using privileged information for financial gain.101112
Despite the potential for profit, major banks have shown reluctance to subscribe, citing political risks associated with the service. Trump holds a 41% stake in the company, which could financially benefit from the growing subscriptions.9
“The feed covers @realDonaldTrump and the @WhiteHouse, with Trump holding a roughly 41% stake that could benefit as subscriptions grow. Sens. Warren and Schiff urged SEC Chair Paul Atkins to investigate, calling it "an outrageous abuse of the President's office" that enriches Wall Street insiders.”
qz.com
