Two trading firms pay up to $100,000 for access to Trump posts — Cyprus Mail
In the United States, Bloomberg, as well as high-frequency trading companies Susquehanna International Group and Jump Trading, purchased access to the Truth API service of the Truth Social platform. It makes it possible to receive posts by US President Donald Trump earlier than other users of the service. The cost of such access may reach $100,000 per month, Cyprus Mail reports, citing people familiar with the arrangements.
An advantage in milliseconds
Truth API is a software interface that allows automated systems to connect to the platform and track new publications. According to Trump Media representatives, the service can provide a time advantage of about 50 milliseconds.
For companies engaged in high-frequency trading, such a delay can be significant. Their algorithms analyze headlines, corporate announcements and government statements and can execute trades in thousandths of a second. Posts by the US president can affect asset prices. As an example, the publication cites a decline in oil futures after Trump posted on Truth Social about a ceasefire in the war with Iran in April.
Reaction and lawsuit
Trump Media and Technology Group announced the product with the fastest access in July and offered it to trading firms and financial institutions. In August, the company told investors that it had concluded more than 10 client agreements. It did not name the buyers, and Reuters could not independently verify these arrangements. Trump Media also said that mainly Wall Street trading firms pay between $60,000 and $100,000 per month for the service.
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Bloomberg, Jump Trading and Susquehanna declined to comment. Trump Media said that Truth Social offers an industry-standard API product that is in significant demand across various sectors, and called the information about the contracts based on misleading data from anonymous sources.
Democratic senators Elizabeth Warren and Adam Schiff appealed to the US Securities and Exchange Commission in July, asking it to determine whether the service violates securities laws. Intercept Media and the Freedom of the Press Foundation filed a lawsuit against Trump in August, seeking to prohibit the White House from publishing official government announcements exclusively on Truth Social as long as a paid access channel exists. The plaintiffs believe that a financial barrier to obtaining government information may be unconstitutional.
Trump's family trust owns 41% of Trump Media, and the president is its sole beneficiary. The White House said that neither Trump nor his family are directly involved in decisions concerning the investment portfolio.
