More Wall Street customers are signing up for a Trump Media & Technology Group service that allows earlier access to new Truth Social posts, a feature some economists are calling a form of insider trading.
Trump Media, founded by President Donald Trump in 2021, announced more than 10 customers have signed up for Truth API, or Application Programming Interface, a service that began earlier this month that gives Wall Street traders access to Truth Social posts from top users, including Trump, milliseconds before being published for the platform’s broader audience. Customers are charged between $60,000 and $100,000 per month for the service.
Interim CEO Kevin McGurn said during the company’s earnings presentation on Monday most Truth API customers are high-frequency trading firms, but it is in talks to sell the product to hyperscalers, large news organizations, and large-language model developers, as well as expand the tool for retail trading. McGurn said the product was in “early innings,” but the company was “strongly encouraged” by early progress.
“We believe this can grow into a meaningful, durable contributor,” McGurn said, “but it is just one piece of a broader media technology strategy that also includes advertising, subscriptions, and our digital asset treasury.”
