Trump Media sells $100,000 Truth Social data access, drawing scrutiny
Summary
Trump Media & Technology Group is selling fast access to President Trump's social media posts on Truth Social through a data service called Truth API, charging up to $100,000 a month. The company hopes this new product will help increase revenue after struggling financially, but the service has raised concerns about fairness and ethics.Key Facts
- Trump Media sells faster access to Truth Social posts via an API to customers, mainly trading firms, for $60,000 to $100,000 per month.
- The API provides quick access to posts from President Trump and other top accounts before they appear publicly on the platform.
- The service could give investors a small advantage in reacting to market-moving news like tariffs or foreign policy updates from the president.
- Trump Media’s CEO said they are talking with cloud firms, AI companies, and news outlets about buying access and plan to offer it to regular investors.
- The company has never made a profit and saw its losses increase to $238 million in the second quarter, partly due to falling crypto asset values.
- Trump Media also invests in crypto and is merging with a fusion energy firm to diversify its business.
- Ethical questions arise over selling faster access to presidential posts that could influence financial markets.
- A U.S. senator has proposed a bill to ban special paid access to government officials' social media accounts for market-related information.
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