Why Trump Media's sale of fast access to market-moving social posts is controversial
Trump Media & Technology Group (TMTG) has set up a paid service to give Wall Street firms access to Truth Social's most influential accounts.
Donald Trump's public statements can significantly impact financial markets, prompting Trump Media & Technology Group (TMTG) to launch a paid service, Truth API. This service provides Wall Street firms and institutional investors with fast access to the most influential accounts on its Truth Social platform, potentially including Trump's own.
TMTG aims to charge customers up to $100,000 monthly for high-speed access, which they anticipate will generate steady revenue. Legal and ethical concerns have emerged, with former ethics lawyer Richard Painter suggesting it could lead to insider trading. Democratic Senators have written to the SEC to investigate potential violations of insider trading laws.
While many investment firms may not have the necessary systems to capitalize on such fast access, high-frequency traders are likely to be interested due to their existing infrastructure and potential for profit.
Written by urgent.news from BBC News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
