Why are Wall Street firms paying up to $100k a month for faster access to Trump's Truth Social posts? Any specific goal?
Bloomberg and two trading firms have reportedly agreed to pay Donald Trump’s Truth Social for faster access to his posts, as per Reuters. The company is already facing a lawsuit or faster access to government information. Here's why it is happening.
Wall Street firms and financial data providers are paying up to $100,000 monthly for faster access to President Donald Trump's posts on Truth Social, according to Reuters. This service, known as the Truth API, enables subscribers to receive Trump's posts faster than any human could manually check the platform. The fast access is said to give subscribers a timing advantage, giving them a 50-millisecond edge over others.
High-frequency trading firms, who rely on algorithmic and automated strategies to respond to market movements, are particularly interested in this deal. The service, launched by Trump Media and Technology Group in July, has reportedly signed more than 10 customer agreements, with payments ranging from $60,000 to $100,000 per month.
The move has raised ethical and legal concerns, with Democratic Senators Elizabeth Warren and Adam Schiff asking the US Securities and Exchange Commission to investigate potential violations of securities laws. Trump Media has denied these claims, stating that Truth Social offers an industry-standard API product for which there is significant demand across industries.
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