Source: Fortune
Summary
Trump Media & Technology Group has launched a service called Truth API, which allows Wall Street customers to access new Truth Social posts from top users, including Donald Trump, milliseconds before they are published to the broader audience. The service costs between $60,000 and $100,000 per month. Interim CEO Kevin McGurn said most customers are high-frequency trading firms, but the company is in talks to sell the product to other organizations. The rollout of Truth API coincides with the company reporting a loss of $238 million between April and June.
Our Reading
The numbers tell one story. Trump Media is selling early access to Truth Social posts to Wall Street customers, a feature some economists call insider trading. CEO Kevin McGurn says the product is in “early innings” but the company is “strongly encouraged” by early progress. The product has garnered ethical concerns, with experts arguing it allows Trump to financially gain from his own official statements.
Trump owns 41% of company shares, and the new revenue stream could drive up to $1 million in monthly revenue. The SEC is considering investigating Truth API, and some legal experts warn it’s part of a broader changing infrastructure of how finances are disclosed.
When you have a market that looks like that, it looks rigged.
Author: Evan Null
