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Trump Media says Wall Street firms paying up to $100K for early access to Trump Truth Social posts
CNN • • business
Key Points:
- Trump Media and Technology Group has signed over 10 high-frequency trading firms to pay $60,000 to $100,000 monthly for instant access to President Trump's Truth Social posts via an API, giving traders faster market-moving information than the public.
- High-frequency traders use this split-second advantage to react to Trump's policy announcements, potentially impacting markets like oil, bonds, and stocks before others can respond.
- Trump Media's interim CEO Kevin McGurn highlighted that this revenue stream, though currently modest, has strong growth potential and the company is also negotiating API access with news and AI firms.
- Democratic Senators Elizabeth Warren and Adam Schiff have called for an SEC investigation into the legality of giving Wall Street early access to Trump's posts, warning it undermines market fairness.
- Despite these developments, Truth Social remains a small platform with declining user numbers and significant financial losses, reporting just $1.7 million in sales last quarter against a $238 million loss.
