Social network Truth Social has launched a new service for traders and financial companies that allows them to receive US President Donald Trump's posts at maximum speed. The subscription costs $100,000 per month. This was reported by Qazaqyia.kz citing France 24.
Launch of Truth API service
The Truth API service started operating on August 2. It provides high-speed access to posts by the US President and other popular authors on the platform. The service is aimed at traders and financial companies interested in instant reaction to market changes.
Trump's role on the platform
Unlike most social networks, Truth Social not only distributes news but also becomes a source of news itself. Trump often uses the platform for statements on tariffs, international conflicts, energy, monetary policy, and individual companies. After such posts, markets often react within seconds.
Criticism and concerns
Critics of the project believe that the service raises questions about the possible use of presidential status for commercial purposes. Irene Aldridge, head of Able Alpha Trading, said the situation looks unprecedented.
"We have a US president who is at the center of all events, makes decisions, and discloses this information in advance to a selected group," she said.
Trump's press service refused to comment on the launch of the service and redirected questions to the platform's parent company, Trump Media & Technology Group. The company said the criticism was driven by "ideological rejection of the free market" and a misunderstanding of the difference between public and non-public information.
Interest from traders
According to AP, high-frequency traders who make money on price fluctuations within milliseconds may be interested in the service. Experts note that even a slight time advantage can bring significant profits when it comes to US President's posts.
Impact of posts on the market
Additional interest in the subscription is linked to Trump's increasing posts about public companies. In April, after his positive mention of Palantir Technologies, the company's shares showed their strongest intraday gain in a year. The same month, Intel shares rose in over-the-counter trading after Trump's post praising the company.
Revenue source for Trump Media & Technology Group
Truth API could become a new source of revenue for Trump Media & Technology Group. If just three clients subscribe to the service, the company's monthly revenue would increase by nearly $300,000. For comparison, over the entire past year, the company earned about $3.7 million in revenue.
At the same time, Trump Media shares have fallen by about 75% since Trump returned to the White House, and the company continues to report multi-million-dollar losses.
Reaction from Democrats
The service has already attracted the attention of Democrats. Senator Elizabeth Warren said that if Democrats gain control of Congress, they intend to investigate the launch of Truth API. She called the project an example of "open corruption."
Earlier, Kursiv reported that Trump jokingly said he wanted to run for US president again.