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For sale: early access to Trump's Truth Social posts
NPR • • general
Key Points:
- Trump Media & Technology Group is offering a premium version of Truth Social called "Truth API," charging up to $100,000 a month for early access to high-profile users' feeds, including President Trump's market-moving posts.
- The service aims to give institutional investors an edge in high-frequency trading by providing advance information on economic policy and global affairs, but many Wall Street professionals are reluctant to use it due to legal and reputational risks.
- Securities experts, including a former SEC official, warn that Truth API may violate insider trading laws by monetizing non-public information and giving paying customers unfair advantages, potentially breaching duties of trust.
- Democratic Senators Elizabeth Warren and Adam Schiff have called on the SEC to investigate the service, labeling it an abuse of the presidency for personal gain and a threat to market integrity, while Trump Media denies any wrongdoing.
- Critics argue that the offering blurs the line between public office and private business, potentially normalizing insider trading and disadvantaging ordinary investors who lack access to such privileged information.
