Key facts
- Trump Media & Technology Group plans to launch a paid service for high-speed access to Truth Social posts.
- The service, named Truth PSI, aims to provide news from top contributors to financial institutions and trading firms.
- Critics argue the service improperly exploits the presidency for personal financial gain.
- The company has not confirmed if President Trump's posts will be included or if the service profits from the presidency.
- The service is slated to launch next month with some customers already signed up.
Donald Trump's media company, Trump Media & Technology Group, is planning to launch a new service called Truth PSI that will offer paid, high-speed access to posts from top Truth Social contributors, including potentially the president's own statements. The service is designed to allow financial institutions and trading firms to receive information milliseconds ahead of others, enabling them to profit from subsequent market movements in stocks, bonds, and interest rates.
Critics, such as Kathleen Clark, an expert in government conflicts of interest rules, argue that this move represents an 'improper exploitation of government power to enrich himself.' She noted that while conflict of interest laws typically bar government officials from profiting from their office through such means, presidents and vice presidents are excluded from this specific provision. However, Clark pointed out that past presidents have generally acted as if the law applied to them by divesting business holdings, a practice Trump has not followed.
The Trump family company has not commented on whether the new feature profits from the presidency. Truth Social's parent company did not respond to questions about whether the president's posts would be excluded from the offering. The press release stated that the service would allow traders to see 'the highest-ranking Truth Social accounts' ahead of others, with President Trump having the largest following.
Trump Media has been attempting to boost its stock price through various business ventures, including crypto and financial services. The company recently replaced its CEO, Devin Nunes, with media executive Kevin McGurn, who described Truth PSI as part of a strategy to 'monetize proprietary assets' and a potential 'meaningful, ongoing source of revenue.' The service is expected to launch next month, with some customers already signed up. Trump Media & Technology Group stock rose 0.6% to $9.63 on Thursday, having previously closed at $40 before Trump took office.