Donald Trump’s social media company, Trump Media & Technology Group (TMTG), is reportedly considering offering a premium data service to Wall Street firms, potentially charging up to $100,000 per month for the fastest access to the former president’s posts on Truth Social. The service, dubbed ‘Truth API,’ aims to capitalize on the market-moving nature of Trump’s communications.
This move has drawn sharp criticism from Democrats who call the plan unethical and a scheme to profit from the presidency.
Trump Media Explores $100K Monthly Subscription for Real-Time Presidential Post Access
By CNBC Staff
Sources indicate Donald Trump's social media venture, Trump Media & Technology Group (TMTG), is considering a premium service offering Wall Street firms expedited access to posts from the U.S. President on Truth Social.
Kevin Dietsch | Getty Images
Premium Access for Traders
Donald Trump's social media company, Trump Media & Technology Group (TMTG), has reportedly discussed charging Wall Street traders and investment firms substantial monthly fees for accelerated access to the U.S. President's posts on the Truth Social platform. The proposed subscription could reach up to $100,000 per month for the fastest data feed.
TMTG, the owner of Truth Social, has also presented a discounted option of $60,000 per month for firms willing to commit to a three-year contract, according to sources familiar with the confidential discussions.
This initiative marks TMTG's foray into data licensing, aiming to establish a new revenue stream. The company recently unveiled 'Truth API,' a paid data feed designed to provide banks and trading firms with rapid access to posts from the 10 most influential Truth Social accounts. However, pricing details were not initially disclosed.
Market Impact and Criticisms
The speed of Trump's social media posts has historically influenced market movements, making rapid access to his communications crucial for the profitability of many top trading firms, hedge funds, and financial services companies. A speed advantage of mere milliseconds can translate into significant financial gains in high-frequency trading.
Democrats have voiced strong criticism of the proposal. Senator Ron Wyden of Oregon stated that the plan would financially benefit the Trump family and enrich Wall Street traders. The White House has deferred questions regarding these remarks to TMTG.
Critics argue that such an arrangement could be unethical, allowing for potential profit from policy announcements. Donald Sherman, president of Citizens for Responsibility and Ethics in Washington, described the plan as "wildly unethical," though he noted it may be difficult to legally challenge.
Senator Elizabeth Warren has also condemned the scheme as an "egregious scheme to profit off the presidency and enrich Wall Street while doing nothing to help Americans."
Business Challenges and Future Prospects
TMTG faces significant competition from larger social media platforms as it seeks to grow its media business. The new Truth API product promises 24/7 coverage of influential posts and includes an archive dating back to 2022. TMTG has announced customer sign-ups ahead of the planned August 1 launch, though customer identities remain undisclosed.
The company's stock has experienced volatility, shedding approximately 27% of its value this year, closing near flat at $9.66 on Friday, valuing the company at around $2.7 billion.
Subscribe to our newsletter to get our newest articles instantly!
MARKET VOWS NEWSLETTER
Stop entering after the move is obvious.
Most traders wait for momentum, confirmation, and headlines. By then, the edge is gone.
Market VOWS shows you where behavior is becoming constrained — where capital is being forced, optionality is collapsing, and price is beginning to be imposed.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
