Trump Media & Technology Group has launched a high-speed data feed called Truth API on Truth Social, charging Wall Street trading firms up to $100,000 monthly for milliseconds-early access to platform posts. The subscription service has triggered sharp criticism from ethics experts and lawmakers over potential market manipulation and insider trading concerns.
Truth API Launch and the High-Frequency Trading Market
President Donald Trump’s media company has rolled out a business-to-business data feed designed for institutional traders seeking immediate access to social media pronouncements. The subscription service, which costs up to $100,000 per month alongside a lower-priced $60,000 option, went live to provide financial firms with sneak peeks of prominent posts milliseconds before they appear to the general public. While the announcement does not specifically mention the U.S. president’s account, his profile is the most popular on the platform, holding more than 13 million followers.
The product targets computerized, high-frequency trading firms where speed dictates profitability. In modern financial markets, shaving off milliseconds allows automated systems to react to breaking news before slower retail investors can process the shift.
Markets already react immediately to pronouncements issued on the platform. Past statements from the president have moved oil markets, altered stock valuations following tariff announcements, and influenced discussions on international conflicts. Joe Saluzzi, co-founder of Themis Trading, noted that approximately 100 high-frequency firms might find the feed essential. Dismissing assertions that simultaneous public release solves fairness issues, Saluzzi argued that the speed of data ingestion creates an inherent imbalance.
Joe Saluzzi of Themis Trading stated that anyone who purchases the information and possesses a processing system will be able to act faster than everyday investors, adding that retail investors always end up on the losing end.
Legal Scrutiny and Accusations of Insider Trading
The rollout has drawn sharp rebukes from legal scholars and financial regulators who question its compatibility with federal securities laws.
Other legal experts echoed those concerns. Kathleen Clark of Washington University School of Law characterized the venture as an improper exploitation of government power. He’s selling expedited, privileged access to information about what he is doing as president, Clark stated, calling it an improper monetization of executive office.
Democratic lawmakers have also intervened. In a letter sent to the SEC, Senators Elizabeth Warren of Massachusetts and Adam Schiff of California urged federal regulators to investigate the service. Separately, Representative Jamie Raskin described the program in a letter to the company as the talkingpointsmemo.com
Trump Media & Technology Group defended the subscription service through a statement. Dismissing the criticism as partisan, the company criticized Democratic detractors for mischaracterizing the service because of either an ideological opposition to free markets, a failure to understand the difference between public and nonpublic information, or quite possibly both.
Financial Realities and Wall Street Reception
The launch arrives as the publicly traded parent company attempts to stabilize its stock price and diversify its revenue streams. Shares of Trump Media have plunged more than 70% since the president took office, erasing approximately $6 billion in shareholder wealth. Company filings also show that President Trump took in more than $1 billion in revenue across his holdings last year, even as losses mounted in related ventures.
Whether federal regulators will take formal action remains uncertain. Former SEC senior advisor Corey Frayer noted that enforcement under the current political climate is unlikely, pointing out the distinct legal outcomes facing high-ranking officials compared to ordinary market participants. As the data feed begins operations, trading firms must weigh the financial advantage of microsecond disclosures against the mounting regulatory and ethical cloud surrounding the platform.
