Trump Media launches “Truth API,” a paid feed of presidential posts that could give Wall Street an edge

In early August, Trump Media & Technology Group (TMTG) rolled out “Truth API,” an application-programming interface that delivers posts from President Donald Trump’s Truth Social account and other top accounts to subscribing firms within milliseconds. The service is marketed to hedge funds and high-frequency traders for up to $100,000 a month.

New York Magazine

President Trump’s Truth Social posts have moved financial markets. In April, a post praising Palantir Technologies sent the stock to its highest level in a year, and a later note on Intel sparked an after-hours rally. Analysts note the president often announces policy moves—such as tariff threats on Canada or statements about the Iran war—before they appear in traditional news outlets, giving traders a chance to act on information that will soon affect prices.

The Independent

• Subscription fee: up to $100,000 per month.

The Intercept

• Revenue impact: TMTG reported $3.7 million in revenue last year; signing three firms at the advertised price would double that amount.

The Guardian

• Market interest: Co-founder of Themis Trading, Joe Saluzzi, estimates roughly 100 high-frequency firms could be willing to pay.

KCRA 3

• Stock performance: The parent company’s shares have plummeted 75 % since Trump took office last year and about 80 % since the March 2024 IPO.

The Intercept

• Ownership: Trump controls roughly 52 % of TMTG through a revocable trust, a stake valued at around $960 million.

The Intercept

Interim CEO Kevin McGurn said the API “markets already move on Truth Social posts.” The SEC declined to comment.

CNBC

Critics say the API gives paying firms a speed advantage ordinary investors cannot match. Dylan Hedder-Gaudette, a federal ethics expert at the Project on Government Oversight, called the practice “the pimping of specific companies—obviously Wall Street would like to know that before other people.” Republican Senator Lisa Murkowski warned, “you are talking about the ability to move markets when you’re advancing information.” Legal scholars such as former White House ethics lawyer Richard Painter argue the arrangement may violate the 2012 Stock Act, which bars members of Congress and the executive branch from trading on privileged information.

New York Magazine

• “Somebody who buys the info and has a system built to process it will be able to act quicker than you and me,” — Joe Saluzzi

Associated Press

• “Markets already move on Truth Social posts,” — Kevin McGurn, interim CEO

CNBC

• “Critics must have invented a new theory of 'insider trading' based on publicly available information," Devine said.” — Shannon Devine, technology group spokeswoman

NPR

Sources differ on the magnitude of TMTG’s share decline since the 2024 debut: AP cites a 75 % drop, while CNBC reports an about 80 % fall. The exact latency advantage of the service over publicly available feeds has not been independently verified.

CNBC

Senators Warren and Schiff have asked the SEC to conduct a legal analysis of Truth API before it fully operates. If regulators determine the feed breaches insider-trading prohibitions, the service could face enforcement action or be forced to cease. TMTG expects additional policy announcements to continue appearing on Truth Social, sustaining demand for the premium data feed.

CNBC