Trump Media & Technology Group (TMTG), the parent corporation of the social media platform Truth Social, has reportedly discussed charging Wall Street firms as much as $100,000 a month for early access to the President’s social media posts.
Background
According to sources familiar with the matter, a discounted rate of $60,000 a month has even been allegedly offered to firms willing to sign three-year contracts for the deal. The company’s new offering, branded “Truth API,” officially launched for banks and trading firms, promising the fastest possible delivery of posts from the platform’s ten most-watched accounts.
The product includes round-the-clock monitoring and an archive of posts dating back to 2022, with paying customers already lined up ahead of an August 1 rollout. Paying for speed isn’t new on Wall Street, as trading firms have spent decades and billions of dollars laying fiber-optic cable and parking servers next to stock exchanges just to shave milliseconds off how fast they get market data.
Concerns Raised
Donald Sherman, president of the watchdog group Citizens for Responsibility and Ethics in Washington, told CNBC the deal is “wildly unethical,” though he said it’s hard to say whether it’s actually illegal. The Constitution has rules barring officials from taking gifts from foreign governments or American states – but paid subscriptions from private companies don’t fall under this scope, and insider-trading laws are built around secret information.
Original reporting: The Dallas Express — read the source article.
