Truth Social, the social media platform established by President Donald Trump, has entered into a deal with financial news and data provider Bloomberg and two Wall Street firms to provide them with expedited access to the president’s posts. This service is reportedly being offered at a cost of up to $100,000 per month, according to sources familiar with the situation.
The firms involved, Susquehanna International Group and Jump Trading, specialize in high-frequency trading in financial markets, focusing on algorithmic and automated strategies.
This service gives subscribers an edge with the timing of Trump’s posts on Truth Social, potentially influencing fluctuations in financial markets and granting Wall Street traders advantages that regular investors do not have.
This is the first public acknowledgment of these companies purchasing the Truth API service. An API, or application programming interface, serves as a digital bridge connecting different systems.
Legal Concerns Surrounding “Pay-for-Access” Agreement
Trump Media and Technology Group announced its premium access product in July, marketing it to trading firms and other financial institutions.
These transactions likely represent the first instance of a business associated with a sitting president selling access to his statements, a move some critics have labeled unethical.
As the “pay-for-access” scheme of Truth Social ventures into uncharted legal territory, Intercept Media and the Freedom of the Press Foundation filed a lawsuit against Trump in August, attempting to prevent the White House from exclusively publishing government announcements on Truth Social while a paid access stream exists.
The ongoing lawsuit argues that imposing a financial barrier to governmental information might be unconstitutional and favors wealthy Wall Street firms.
Bloomberg, Jump Trading, and Susquehanna have declined to comment on the matter.
In a statement, Trump Media said, “Truth Social offers an API product that meets industry standards, for which there is significant demand across all sectors. We take customer privacy seriously. This article is based on misleading information spread by anonymous sources intended to harm our company, clients, and shareholders.”
Struggles Facing Truth Social
The president’s family fund holds a 41% stake in Trump Media, with Trump being the sole beneficiary of this fund.
Company shares have fallen over 50% since the beginning of this year. The market value of Trump Media has been volatile since its initial public offering.
At its debut in March 2024, the company’s value was approximately $8 billion, but it has since plummeted to around $1.8 billion. Trump Media has reported losses of about $1.76 billion in 2024.
Documents filed by Trump Media with the Securities and Exchange Commission (SEC) indicate that Trump Jr. serves as the administrator of the family fund, holding exclusive voting and investment power.
