Key facts
- Trump Media & Technology Group will launch 'Truth API' to sell faster access to posts from its top accounts.
- The service aims to provide Wall Street traders with real-time information from influential Truth Social users, including President Trump.
- President Trump owns approximately 41% of the publicly traded Trump Media.
- Democratic lawmakers have criticized the initiative, calling it corrupt and potentially illegal.
- The Truth API is scheduled to become available to customers next month.
Trump Media & Technology Group, the parent company of Truth Social, announced plans to launch 'Truth API,' a new data feed that will provide paying customers with the fastest real-time access to posts from the platform's 10 most influential accounts. The service, which includes President Donald Trump's account with 12.9 million followers, is designed to offer Wall Street trading firms and other institutions immediate access to information that has previously moved markets.
President Trump, who owns about 41% of the publicly traded company, stands to benefit financially from this new revenue stream. The company stated that the API will be available to customers starting next month, with some already having signed up. Interim CEO Kevin McGurn expressed expectations that the 'Truth API' will become a significant and ongoing source of revenue.
However, the initiative has drawn sharp criticism from Democratic politicians. Senator Adam Schiff called it a scheme for 'corrupt profiteering,' while Senator Richard Blumenthal alleged 'flagrant corruption' and trading access to the White House for self-enrichment. Representative Jason Crow suggested Trump is engaging in 'insider trading.' California Governor Gavin Newsom also condemned the move as a 'grift.'
Trump Media's statement pushed back against these criticisms, accusing opponents of ideological opposition to free markets or a misunderstanding of public versus nonpublic information. The company has faced financial struggles since its debut on the Nasdaq in March 2024, losing over $1 billion in the past two years.