Trump Media: More than 10 firms pay up to $100,000 a month for fast access to Truth Social posts

https://www.bbc.com/news/articles/ce3q5nxpgk1o

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 are mostly in high-frequency trading firms who are being charged between $60,000-$100,000 (£44,000-£74,000) a month for the service, interim chief executive officer Kevin McGurn said during an earnings call.

He was speaking after Trump Media reported a loss of $238m between April and June.

The quarterly loss is more than 10 times the amount reported during the same period a year earlier, according to the Trump Media and Technology Group, and comes as the group branched into ventures unrelated to media, including cryptocurrencies.

The group, which is yet to make a profit, says it will refocus on its social media mission.

In July, it announced a plan to give Wall Street firms and institutional investors faster access to posts on Truth Social, where Trump frequently makes announcements. It has been viewed as a way to give subscribers an edge in trading stocks and other heavily traded assets.

65 comments held Reddit says 1 on reddit ↗

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u/takemetogreenwich 1 6 hours ago

so,11
u/Mr_Knutsen 1 6 hours ago

Doesn't really seem like much, just people with too much money and no ideas what to do with it.
u/Davidpalmer4 1 6 hours ago

100k is nothing for legal insider trading for these firms.
u/wrighterjw10 1 6 hours ago

Just because he's doing it, doesn't mean its legal.
u/navyblusheet 1 6 hours ago

Isn't that literally what the supreme court ruled - the president is immune from almost everything?
u/PaperHandsTheDip 1 6 hours ago

it's only illegal if someone punishes them for it
u/Davidpalmer4 1 6 hours ago

Yeah but he made it legal. Is there any repercussions for this? nope!! so it is legal insider trading exclusively brought to you by the supreme leader.
u/orangehorton 1 6 hours ago

Who's going to prosecute him? His own lawyer?
u/CrowdGoesWildWoooo 1 6 hours ago

It’s difficult to say that it is illegal. They can just argue it’s just Trump yapping anything. Another thing is that it is closer to a colocation system which is totally legal. It’s a grift by him, but it’s difficult to say that it’s illegal. One angle I would consider though, is probably conflict of interest, in the sense why on earth an entity that is strongly associated by him, allowed to sell this as a service in the first place.
u/--GrinAndBearIt-- 1 6 hours ago

Crime is legal now.
u/[deleted] 1 6 hours ago

[removed] — already gone when the archive first saw it
u/clintoy99 1 6 hours ago

Bill ackman definitely the first one to subscribe. That conspiracy theorist couldnt wait to suck trump
u/pain474 1 6 hours ago

Pay 100k per month to make millions off of insider trading that is legal as long as you are rich. F\*ck you if you voted for this.
u/Visvism 1 6 hours ago

All Republicans are to blame. All of them. But you know if a Democrat or lord forbid, an Independent, wins it’ll be… “Look at all this illegal stuff they’re doing like emails on a server and tan suits and their sons’ laptops and wearing masks.”
u/Over-Opportunity7018 1 6 hours ago

I just read an article on Nevada’s Secretary of State candidates’ opinions on voter fraud. The Republican wants to deregister every voter in the state (amongst a bunch of other illiberal positions). When asked about opening a Business Court in Nevada he said the worry is it would create ‘more bureaucracy’.
u/[deleted] 1 6 hours ago

[removed] — already gone when the archive first saw it
u/ResignedFate 1 5 hours ago

They planted all the whataboutism responses for their sheep to bleat long in advance.
u/KarAccidentTowns 1 6 hours ago

Big thanks to the sheep who ushered in this level of corruption. Did Qanon predict this?
u/likwidkool 1 6 hours ago

I read yesterday some maga claiming the dems hate Trump because he can’t be bought. They really live in a different reality.
u/1One2Twenty2Two 1 6 hours ago

Next step: a 200k/month subscription to get the data faster than those who pay 100k/month.
u/_tobias15_ 1 6 hours ago

Just auction off the top 3 fastest info tiers for maximum profit.
u/Prior-Instance6764 1 6 hours ago

Lol. This is like the 6 minute abs joke from There's Something About Mary.
u/FlatPanster 1 6 hours ago

6. Minute. Abs.
u/WickOfDeath 1 6 hours ago

100K just to be an early reder of Irans 41th defeat and the 45th "we have a deal"? IMO this turns dog poop into gold. You give gold and receive news in dog poop quality.
u/Shapen361 1 6 hours ago

A Bloomberg terminal is $30,000(ish) a YEAR for infinitely more information. Either these firms have tons of money to burn or they're bribes.
u/PabloIceCreamBar 1 6 hours ago

Porque no Los dos
u/milzz 1 6 hours ago

Everyone who has access to a bloomberg terminal has that data (the entire market). Getting advanced notice of the Trump’s tweets (which does move the market), is a serious advantage if you trade on that news. Having that info before most people is where you make the gains. So I wouldn’t call these bribes or money to burn. It’s just pure corruption.
u/xios 1 6 hours ago

And where does the info on the bloomberg terminal come from? In high frequency trading, nano and pico seconds are the deciding factor. Hundreds of millions to billions are invested in shaving off these tiny amounts of time. Like this story about a private cable. https://www.forbes.com/forbes/2010/0927/o…
u/Gliesese 1 6 hours ago

Well they won’t just have one terminal either, so the cost will be much higher. Some of the HFT firms that make billions a year probably don’t mind spending $100k a month when it’s clear Trumps tweets directly effect the market, and they know lots of ways to make money off of that.
u/Few-Improvement9978 1 6 hours ago

Uhhh no it isn’t. Trumps tweets are drastically more valuable currently
u/Efficient_Pomelo_583 1 6 hours ago

How is this legal?
u/Nathaenyrendil 1 6 hours ago

It is extremely illegal. But republicans have majority.
u/Hungry-Ad3303 1 6 hours ago

Name the law that this breaks.
u/LostPerson703 1 6 hours ago

Insider trading, stock act of 2012, federal bribery and corruption statutes. Pretty easy google search. Plus adversaries would have access to information score the US govt and its citizens.
u/Hungry-Ad3303 1 6 hours ago

So would you consider Bloomberg terminal insider trading? A Bloomberg terminal gives you access to information before the public gets it.
u/Sufficient_Habit5091 OP 1 6 hours ago

It doesn't though. It aggregates news but they get it same time as everyone else.
u/Warning_Legal 1 6 hours ago

Are you dumb or pretend to be one ? The president of the United States monetizing the information he divulges to the public is the same as Bloomberg? Even if you are that dumb to not understand the difference , Bloomberg is just a service which many other companies offer as well (there is competition) and is a service because they provide infrastructure for the faster access. If you think that a president can manipulate the market with tweets or announcements or monetize these announcements and profit from it , is the same... I feel sorry for you
u/TheSerpentDeceiver 1 5 hours ago

Why is everything a gotcha whataboutism to the pedo defense force? Nobody is talking about Bloomberg and people have point out white collar crime that should be prosecuted for years. Sure, investigate them too. That make you happy?
u/ConditionHorror9188 1 6 hours ago

Is it literally illegal? Exchanges get to charge bajillions for some customers to co-locate their servers on premises. Other social media have very high cost enterprise APIs too. It’s all shady as hell but anyone who thinks this is new is gonna be disappointed.
u/azurestrike 1 6 hours ago

Nobody said it's new, just that it's illegal.
u/ConditionHorror9188 1 5 hours ago

But by what law?
u/LostPerson703 1 6 hours ago

Up until November. Hopefully
u/PaperHandsTheDip 1 6 hours ago

its not, but who's gonna tell them no?
u/Efficient_Pomelo_583 1 6 hours ago

Court?
u/PaperHandsTheDip 1 6 hours ago

who's gonna take them there? This is about the least illegal thing they've done with the market lol
u/Efficient_Pomelo_583 1 6 hours ago

Well the USA is an interesting country... Even in the 3rd world country were in live, the president would get impeached and prosecuted the next day.
u/PaperHandsTheDip 1 6 hours ago

US has an incredibly corrupt leadership, has for quite some time.
u/BaconJakin 1 6 hours ago

There is no effective argument to say it is.
u/--GrinAndBearIt-- 1 6 hours ago

Crime is legal.
u/Commercial-Run9785 1 6 hours ago

Won’t someone just repost or send a screen cap 2 seconds later? Are people really this stupid
u/Waiting4Reccession 1 6 hours ago

Only the losers are buying this, everyone else is in the signal chat and then the lower tier signal chat.
u/ishamm 1 6 hours ago

They're bribing the president. They're not ACTUALLY paying to read his tweets...
u/Own-Jeweler3169 1 6 hours ago

Name em and shame em. Also US, you voted for this... twice.
u/Zealousideal_Talk_97 1 6 hours ago

More than 10 = 11
u/I-STATE-FACTS 1 6 hours ago

How many times are we gonna recycle this same headline?
u/jiebyjiebs 1 6 hours ago

Pay to play - USA.
u/[deleted] 1 6 hours ago

[removed] — already gone when the archive first saw it
u/GeekSumsMe 1 6 hours ago

Tacit admission to what we all know: Trump is actively manipulating markets for himself and his oligarch (by definition in this case) cronies. The amount of corruption in this administration is staggering.
u/S_QW22 1 6 hours ago

He definitely made both his sons and Jared pay for their accounts.
u/Knicknacktallywack 1 6 hours ago

In your face corruption. We’ve reached the banana republic stage. We’re just a backwater now
u/rhawtestosterone 1 6 hours ago

Would a liberal here please explain why you think this is insider trading because if it’s public information how could that be considered insider 👍🏼
u/Serious_Method138 1 5 hours ago

So, let me get this straight. The President of the US has solicited others to engage in insider trading, and there are now 10 known companies who have performed an overt act in furtherance of engaging in insider trading. To clarify, “insider trading” generally refers to trading securities based on material non-public information.
u/Toincossross 1 5 hours ago

Not even trying to hide the corruption.
u/Odddjob 1 5 hours ago

They all should get jailed for this