Trump Truth Social Lawsuit Says Wall Street Traders Pay $100K a Month To See His Posts Before You Do
Wall Street firms are paying up to $100,000 monthly for early access to Trump's Truth Social posts, prompting a federal lawsuit over alleged corruption.Summary
Wall Street trading firms are paying up to $100,000 a month to access President Donald Trump's market-moving Truth Social posts milliseconds before the general public, a practice now facing a federal lawsuit. The Intercept and the Freedom of the Press Foundation sued Trump on August 12, arguing that the paid early access, known as Truth API, is "extraordinary, corrupt, and unconstitutional" and violates the First and Fifth Amendments by selling public government information for personal gain.
Trump Media and Technology Group launched Truth API on August 1, delivering posts from top accounts, including Trump's, within milliseconds. The company has signed over 10 customer agreements, primarily with high-frequency trading firms paying between $60,000 and $100,000 monthly. Since Trump holds about 41% of Trump Media, this revenue directly benefits his personal wealth.
Senators Elizabeth Warren and Adam Schiff have requested an SEC investigation into whether the feed violates federal securities laws regarding insider trading and market manipulation. While Trump Media defends the service as a standard business practice and plans to eventually offer it to retail investors, critics argue it gives wealthy insiders an unfair advantage over ordinary investors who react to the news last.
(Sourceļ¼International Business Times)