President Donald Trump knows the world hangs on his every word. Now he wants you to pay for it. This was reported by Qazaqyia.kz citing Associated Press.
The social media posts of the world's most powerful man are going on sale Saturday when his Truth Social business begins offering sneak peeks of them to Wall Street traders willing to pay up. The move raises the prospect of big profits for Trump's company and big questions about insider trading and using public office for private gain.
Similar fast speed feeds are sold by other social media firms and media providers, but Truth Social doesn't just distribute the news, it makes it, regularly rattling markets as Trump posts policy changes on everything from war to central bank leadership to tariffs.
"If this was the CEO a public company, this would be jail time," said Irene Aldridge, head of Able Alpha Trading, which doesn't plan to buy the service. "We have a President of the United States who has the front seat to all the action, who makes all the decisions, and he's disclosing this ahead of time to a select group."
Asked about the propriety of the new service and whether White House lawyers had vetted it, Trump's press office declined to comment, referring questions to Truth Social's publicly traded parent. That company, Trump Media & Technology, issued a statement blasting Democratic critics for mischaracterizing the service "out of ideological opposition to free markets or a failure to grasp the distinction between public and nonpublic information — or, quite possibly, both."
A prolific poster, Trump has sent stocks, bonds and currencies soaring and plunging with his online musings and threats. That presents opportunities for so-called high frequency traders that specialized in buying and selling within milliseconds, exploiting tiny, fleeting difference in prices.
Paying for early access to Trump's Truth Social could raise big money and major ethical issues. Just this month, Trump has threatened on Truth Social to slap higher tariffs on Canada, kill a nuclear deal with Saudi Arabia and widen the Iran war. With advanced knowledge, traders betting on a plunge in the Canadian dollar, a drop in nuclear energy stocks and a jump in oil futures could have raked in big profits.
"For the big guys, it's going to be something they need," said Joe Saluzzi, co-founder of Themis Trading.
This was reported by Qazaqyia.kz citing Associated Press.