More than 10 firms pay up to $100,000 a month for fast access to Truth Social posts
More than 10 customers have signed up to Trump Media’s controversial service that offers faster access to market-moving posts made on its Truth Social platform. The service, Truth API, launched at the beginning of August and gives Wall Street traders first sight of posts from the social media site’s most influential accounts. Its earliest customers [...] The post More than 10 firms pay up to…
More than ten firms have contracted to pay between $60,000 and $100,000 monthly for premium access to Trump Media's Truth Social platform, according to a recent report. Launched in early August, the Truth API service grants Wall Street traders early access to influential posts from the social media site. The earliest customers are primarily from high-frequency trading firms, as stated by interim CEO Kevin McGurn during an earnings call.
The company reported a loss of $238 million between April and June, more than ten times the loss from the same period a year earlier. Amid diversifying into unrelated ventures such as cryptocurrencies, the group aims to refocus on its core mission of social media. However, Truth API has raised legal and ethical concerns, as the company stands to profit from the president's own public statements.
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