More than 10 high-frequency trading firms are paying up to $100,000 a month for fast access to posts on Truth Social, a platform owned by Trump Media.
The service, called Truth API, launched in August and provides Wall Street traders with instant access to market-moving posts from influential accounts, including those of former President Donald Trump.
Truth Social Access
Truth API’s early customers are mostly high-frequency trading firms, which are being charged between $60,000 and $100,000 per month for the service, according to interim CEO Kevin McGurn.
The announcement came as Trump Media reported a quarterly loss of $238 million, more than 10 times the loss reported during the same period last year.
The company plans to refocus on its social media mission, but the move to sell exclusive access to Truth Social posts has raised questions about the platform’s role in the financial markets.
Market Implications
The decision to sell fast access to Truth Social posts has been seen as a way for Trump Media to generate revenue, but it also raises concerns about the potential impact on market volatility.
As the company navigates its financial challenges, the sale of exclusive access to Truth Social posts may have broader implications for the financial markets and the role of social media in shaping market trends.
