Bloomberg and two trading firms reported to pay Truth Social for faster access to Trump posts

Mixed · 2Truth Social, the platform founded by President Donald Trump, has signed up news and data provider Bloomberg and two Wall Street firms for faster access to the president's posts, according to people with direct knowledge of the matter cited by Reuters. 1 2 Mixed · 2The two firms are Susquehanna International Group and Jump Trading, both high-frequency trading firms focused on algorithmic and automated strategies; the service sells for up to $100,000 a month. 1 2 Mixed · 2The product, called Truth API, was announced by Trump Media and Technology Group in July and pitched to trading firms and other financial institutions. The purchases had not been previously reported, and the deals likely mark the first time a business tied to a sitting president has sold access to their statements, which some critics have called unethical. 1 2

Mixed · 2The service lets customers read Trump's posts faster than a person checking the app; Trump Media officials described the timing advantage as 50 milliseconds. That can matter because a president's posts can move asset prices, as when oil futures sank after Trump announced an Iran war ceasefire on Truth Social in April. 1 2 Mixed · 2Bloomberg, Jump Trading and Susquehanna declined to comment. Reuters, a financial-news competitor to Bloomberg, said it will assess the service but has no current plans to subscribe. 1 2 Mixed · 2Trump Media said Truth Social offers an industry-standard API product for which there is significant demand, that it takes customer confidentiality seriously, and that the reporting is based on misleading information from anonymous sources aimed at harming the company, customers and shareholders. 1 2

Mixed · 2In August Trump Media told investors it had signed more than 10 customer agreements, primarily with Wall Street trading firms paying $60,000 to $100,000 a month; it did not name them, and Reuters could not confirm the claim. 1 2 Mixed · 2Democratic Senators Elizabeth Warren and Adam Schiff said in July they had asked the Securities and Exchange Commission to investigate whether the service violated securities laws, calling it a "shocking abuse" of office by a president seeking personal gain. A Trump Media spokesperson said Democrats mischaracterise Truth API out of ideological opposition to free markets or a failure to grasp the distinction between public and nonpublic information. 1 2 Mixed · 2Intercept Media and the Freedom of the Press Foundation sued Trump in August to block the White House from posting official government announcements exclusively on Truth Social while the paid feed exists. The ongoing suit calls the service "profoundly corrupt" and alleges it would violate the First Amendment and, by charging "unreasonable sums" for information guaranteed by law, the Fifth Amendment. 1 2

Mixed · 2The president's family trust owns 41% of Trump Media, with Trump as sole beneficiary, and SEC filings list Donald Trump Jr. as trustee with sole voting and investment power. White House spokesman Davis Ingle said neither Trump nor his family is directly involved in portfolio investment decisions but did not address the allegation of improper use of office; he did not directly address the lawsuit, saying Trump "only acts in the best interests of the American public". Trump Jr. did not respond to a request for comment. 2 1 Centre · 1Trump Media shares have fallen more than 50% this year; its market value, about $8 billion at its March 2024 debut, is now about $1.8 billion, and it has lost about $1.76 billion since 2024, including non-cash charges. 1