Trump Media Launched New Truth Social Service for Traders

Trump Media & Technology Group has launched Truth API, which allows traders to receive information published on Donald Trump's and other popular Truth Social accounts in near real-time. The service costs between $60,000 and $100,000 per month.

According to Kevin McGrew, the company's chief executive officer, the service already has more than ten clients. Trump frequently uses Truth Social to post statements related to tariffs, foreign policy, and other significant issues, which can trigger rapid reactions in financial markets.

The new service has also faced criticism. The Intercept and the Freedom of the Press Foundation filed a lawsuit against Donald Trump. According to their statement, it is problematic that the President's statements can be received faster through a paid service. Trump Media denies the allegations and emphasizes that it concerns only publicly published material.

Congress has already begun discussing the issue. Senator Mark Warner introduced legislation that would prohibit state officials from providing their significant statements to some parties earlier and on a paid basis.

Truth API is another revenue source for Trump Media. In the second quarter, the company's revenue increased to $1.67 million, although losses reached $238 million.

The issue is also being assessed from the perspective of conflict of interest, since Donald Trump owns 41% of Trump Media's shares.

Source: Yahoo Finance