Trump Media launches paid Truth API offering real-time access to top Truth Social posts

Trump Media & Technology Group (TMTG) announced a new paid data feed called Truth API, which will give Wall Street firms and other institutional investors near-instant access to posts from the most influential accounts on the Truth Social platform. The service, slated for launch on 1 August, is marketed toward high-frequency and algorithmic trading firms that claim even brief delays in information can affect trading outcomes. Reports suggest the subscription could cost up to $100,000 per month, though TMTG has not confirmed the price.

The offering has raised questions about potential insider-trading violations, as the platform includes posts from President Donald Trump, who has a following of about 13 million users. Former White House ethics lawyer Richard Painter warned that providing non-public government-related information to traders could trigger “tipper-tippee liability” under U.S. securities law. He said, "If I have information that belongs to the United States government that I'm not allowed to trade on, and instead of trading, I simply give the information to someone else who pays me for the information and they trade… then I am also guilty of insider trading and so are they."

Democratic senators Elizabeth Warren and Adam Schiff have written to the Securities and Exchange Commission requesting an investigation into whether the service breaches securities regulations. A TMTG spokesperson responded that the senators “continue to mischaracterise Truth API either out of ideological opposition to free markets or a failure to grasp the distinction between public and non-public information – or, quite possibly, both.”

Industry observers note that similar data-feed services are already offered by news agencies and exchanges. Joe Saluzzi, co-founder of Themis Trading, said many firms already have the infrastructure to act on such rapid data, while others may find the service unnecessary. He added that high-frequency trading firms are the most likely customers, noting the competitive pressure to adopt any tool that could provide a speed advantage.