Trump’s Truth Social API Is a Blatantly Corrupt Favor to Wall Street
By selling off early access to his posts at a premium, the president is merging a public good with his own profit motives. The post Trump’s Truth Social API Is a Blatantly Corrupt Favor to Wall Street appeared first on The Intercept .
The Trump administration's recent launch of the Truth Social API is a clear and unacceptable pathway for corruption, according to critical lawmakers. For $100,000 a month, the platform is offering direct access to important posts, or "truths," from the president and other officials, ahead of the general public. This Application Processing Interface (API) is a uniquely positioned arrangement that has been labeled as a brazen favor to Wall Street, with Sens.
Adam Schiff and Elizabeth Warren condemning it as "an outrageous abuse of the President's office for his personal benefit that undermines everyday investors and the integrity of our markets, while enriching Wall Street and other wealthy insiders."
The move complicates the issue of privatizing public assets, as official announcements on Truth Social are now being made without going through traditional press offices. Trump has blurred the lines between his communications as a public official and a private citizen, with the Presidential Records Act stating that communications from the president are the property of the United States, not the president himself.
However, Trump owns a 41% stake in Truth Social's parent company, Trump Media & Technology Group (TMTG), which is now valued at $1.2 billion – 18% of the president's total wealth.
The API essentially provides priority access to government officials' statements, allowing professional traders and hedge funds to outpace the market and reap significant profits. This arrangement reeks of corruption and has been linked to the administration's history of releasing information prematurely, often on Truth Social. The situation is further exacerbated by the fact that Truth Social has been hemorrhaging money, bringing in only $3.6 million in 2024 and having a net loss of over $400 million. The company's value has plummeted, making TMTG's financial situation even more precarious.
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