More than 10 firms pay up to $100k a month for access to Truth Social posts

In August, Trump Media launched Truth API, a service that grants high-frequency traders exclusive access to Truth Social posts from influential accounts. This service, which has already attracted more than 10 customers, comes with a hefty price tag, with charges ranging from $60,000 to $100,000 per month. Interim CEO Kevin McGurn revealed this information during an earnings call, following the company's significant loss of $238 million between April and June.

This quarter's loss is nearly ten times the amount reported during the same period a year earlier, as reported by the Trump Media and Technology Group. The group, which has yet to turn a profit, plans to realign its focus on its core social media mission. The controversial service has raised legal and ethical concerns, given that its majority shareholder is the Trump family and that the company could potentially profit from the president's public statements.

The introduction of Truth API is expected to bring a new, durable revenue stream to the company, according to McGurn. The firm believes the service will evolve into a meaningful source of income, complementing its broader media strategy, which encompasses advertising and digital assets. The company is also exploring partnerships with technology firms, news organizations, and betting markets.

In its most recent earnings statement, Trump Media reported $1.7 million in revenue, marking an 89% increase from the same period a year ago, but the losses were attributed to the decline in cryptocurrencies. The company's total assets are now valued at $2 billion, with financial assets amounting to about $1.9 billion, including cash, short-term investments, and digital currencies.

The group is diversifying into areas such as cryptocurrency holdings and clean-energy investments. Recently, Trump Media abandoned plans to collaborate with Crypto.com to introduce prediction market features on the Truth Social platform.