Trump Media has launched a new application programming interface (API), branded as Truth API, which allows paying subscribers to receive early access to posts on the Truth Social platform. Interim CEO Kevin McGurn announced that the service is designed to provide businesses with a licensed, real-time feed of the platform’s most market-moving content. Trading firms and other high-paying subscribers can access these posts before the general public for a fee reaching up to $100,000 per month.
While the service mirrors existing data offerings on other social media platforms, the high price point and the nature of the platform’s primary user base have raised significant concerns. Donald Trump remains the platform’s most influential figure and its largest shareholder, meaning he could personally profit from the service. His @realDonaldTrump account, which boasts 13 million followers as of Saturday, is frequently used to announce major policy shifts—such as decisions regarding tariffs or the Iran war—that have the potential to influence global financial markets.
Critics have labeled the service as a clear case of market manipulation and insider trading. The timing of the launch has prompted immediate pushback from Democratic lawmakers. On Tuesday, Senators Adam Schiff and Elizabeth Warren sent a letter to Securities and Exchange Commission (SEC) chair Paul Atkins, urging an investigation into whether the company’s new offering violates the law. They characterized the move as an "outrageous abuse of the President’s office for his personal benefit" that compromises market integrity and favors wealthy insiders at the expense of everyday investors.
The financial backdrop of the company remains volatile, with Trump Media shares having dropped more than 70% since the president took office last year, resulting in approximately $6 billion in lost shareholder value. These losses, coupled with scrutiny over other Trump family cryptocurrency ventures, follow an annual financial disclosure showing the president generated over $1 billion in revenue from his companies last year. Despite these trends, shares of Trump Media rose 5.5% to $10.39 on Friday, just ahead of the API's debut. The company, which has historically relied on advertising, is now looking to the API service as a potential new avenue for revenue growth.
Trump Media’s stock has fallen by more than 70% since the president took office last year, wiping out roughly $6bn (£4.4bn) in shareholder value.
Those losses, combined with billions more in investor losses connected to new Trump family cryptocurrency ventures, have come under increased scrutiny after Trump’s annual financial disclosure showed he generated more than $1 billion in revenue last year from the same companies and offerings.
