What is Trump Media's Truth API and why is it controversial?
Summary
Trump Media & Technology Group (TMTG) has launched a paid service called Truth API. This service gives fast access to posts from top accounts on the Truth Social platform, mainly targeting financial traders who use automated systems to trade stocks very quickly.Key Facts
- Truth API provides access to social media posts in milliseconds from the highest-ranking accounts on Truth Social.
- The service is expected to start on August 1 and may cost up to $100,000 a month, though TMTG has not confirmed the price.
- It is designed mainly for high-frequency trading firms that use computer algorithms to make quick trades based on new information.
- President Donald Trump’s account, with 13 million followers, is likely one of the most influential accounts covered by the service.
- The service aims to help TMTG make money, as the company is currently losing money.
- Some experts say the service is only useful to firms with advanced and expensive trading systems, not normal investors.
- Democratic Senators have raised questions about whether it is legal or ethical for Trump’s family-owned company to profit from his public statements.
- Major investment banks and trading firms have not publicly confirmed if they will use the service.
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