Trump Media to launch paid Truth Social feed for Wall Street, banks and trading firms
AI Summary
Trump Media & Technology Group is launching a paid data feed called 'Truth API' that will provide banks and trading firms with rapid access to posts from influential accounts on Truth Social, including those from former President Trump. This service aims to benefit organizations that rely on timely information for trading decisions, potentially creating a new revenue stream for TMTG amid competition from larger social media platforms. Critics argue that this move primarily serves to enrich the Trump family and Wall Street traders.
US President Donald Trump's Trump Media & Technology Group has announced that it will be unveiling a licensed, paid-for data feed of posts of influential people on the Truth Social platform to banks and trading firms so that they can get the 'fastest' access to the same.
The main account is that of the US President, who often posts about important decisions on the platform first, a move that often tends to move global markets.
The product, which is being called 'Truth API', will be feeding Wall Street with posts from 10 most influential accounts at a much faster pace than a regular push notification would give to a non-paying user, as per a spokesperson cited by Reuters.
The feed has been designed for those organisations which are "most impacted by the cost of a delay in information", like algorithmic trading firms, as per a statement released by the company.
"Until now... firms that prioritize tracking influential Truth posts have relied on manual monitoring. Truth API closes the gap," the statement also read.
"Markets already move on Truth Social posts ... As adoption grows, we expect Truth API to become a meaningful, ongoing source of revenue for the company," TMTG's interim CEO Kevin McGurn was quoted by Reuters as saying.
This move is the first step the company has taken towards data licensing, and this opens up a new revenue stream for the company, which has been facing challenges to scale up its business amid strong competition from much larger social media firms like Meta and X.
A number of announcements of significant consequence have been made by Trump through his Truth Social handle. These include his "Liberation Day" tariffs and those on trade restrictions on China, thus making the platform an important feed for traders, financial institutions, and businesses.
on 9 April, 2025, the main indices of Wall Street turned sharply higher on Trump announcing on Truth Social that he would be pausing a large part of his new tariffs for a period of 90 days.
"As far as I know, the only market-moving poster on Truth Social is Trump himself and his posts definitely move the market," said Mark Spiegel, managing member and portfolio manager at Stanphyl Capital Partners, to Reuters.
As per regulatory filings, Donald J. Trump Revocable Trust holds roughly 114.75 million shares or around 41% of all outstanding stock in TMTG.
This trust administers the investments of the US president and is overseen by his children.
Senator Ron Wyden, the highest-ranking Democrat on the Senate Finance Committee, has slammed the move. He said it would financially benefit the Trump family and "make Wall Street traders rich," Reuters reported.
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