Highly Unethical: Trump's Associates Aim to Profit Wall Street by Offering Early Access to His Truth Social

TMTG Proposes Premium Access to Trump’s Announcements for Wall Street

Trump Media & Technology Group (TMTG), the social media entity founded by former President Donald Trump, is said to have proposed providing Wall Street traders and investment firms with premium, early access to his public statements.

TMTG has introduced a subscription service costing $100,000 per month, along with a discounted option at $60,000 per month for a three-year commitment. This service aims to allow firms to receive Trump’s Truth Social updates—known for their significant market impact—before the general public, according to a report from Reuters on July 18. The company has also launched the “Truth API,” a paid data feed that gives banks and trading companies early access to posts from the ten most significant Truth Social accounts, which include Donald Trump Jr. and Eric Trump, although specific pricing details are not available.

In the realm of high-frequency trading, even the smallest market fluctuations can greatly affect profits, making speed a crucial element for traders.

Donald Sherman, the president of the nonpartisan organization Citizens for Responsibility and Ethics in Washington, criticized Truth API as being “wildly unethical,” highlighting that the president stands to gain financially from this subscription model. The Donald J. Trump Revocable Trust, managed by his children, reportedly controls approximately 114.75 million shares—about 41% of TMTG’s total outstanding stock.

Sherman pointed out that, while insider trading laws prevent the buying and selling of securities based on non-public information, those who pay for faster access to Trump’s posts could fall outside this regulation.

“I don’t think Congress or any regulatory body ever contemplated that a president or a market-mover would engage in this kind of paying-for-access type arrangement,” he remarked to Reuters.

Senator Elizabeth Warren, the leading Democrat on the Senate Banking Committee, expressed strong disapproval, labeling Truth API as “an egregious scheme to profit off the presidency and enrich Wall Street while doing nothing to help Americans.”

During his presidency, Trump has faced considerable scrutiny over accusations of insider trading and market manipulation, especially during events like the Iran War. Allegations of corruption related to investments in companies awarded federal contracts during his second term have also emerged. Furthermore, Trump has significantly increased his wealth through his family’s cryptocurrency venture, World Liberty Financial. Forbes notes that Trump “has presided over the most lucrative presidency in American history, adding billions to his net worth, largely by cashing in on crypto.”