Key facts
- Truth Social is selling faster access to President Donald Trump's posts for up to $100,000 a month.
- Bloomberg, Susquehanna International Group and Jump Trading are subscribers to the service.
- The service provides a timing advantage of about 50 milliseconds.
- The company's market value has fallen to about $1.8 billion from $8 billion at its debut.
Truth Social, the social media platform founded by President Donald Trump, is selling faster access to his posts to financial firms for up to $100,000 per month. Subscribers like Bloomberg, Susquehanna International Group, and Jump Trading receive a timing advantage, potentially allowing them to trade on market-moving information before other investors. This service, launched in July, marks a novel approach by a business tied to a sitting president to monetize statements.
Critics have raised ethical and legal concerns, with a lawsuit alleging that creating a financial barrier to government information is unconstitutional. Democratic lawmakers have also asked the Securities and Exchange Commission to investigate potential securities law violations. Trump Media has defended the API product as industry-standard and denied the reporting is based on credible information.
The company's market value has been volatile, falling significantly since its debut. The president's family trust owns a substantial stake in Trump Media.