United States — Ekhbary News Agency
Truth Social, the social media platform backed by Donald Trump's family, has unveiled a new service designed to provide Wall Street traders with real-time access to posts from former President Trump and other prominent accounts. This Application Programming Interface (API) aims to offer paying subscribers immediate market-moving information, as confirmed by the company on Thursday. Trump Media & Technology Group, the public entity operating Truth Social, counts Trump's family as its largest shareholder, positioning the former president's @realDonaldTrump account as the platform's most followed, boasting 12.9 million followers.
Ethical Concerns Emerge Over Exclusive Access
The move swiftly drew criticism from ethics watchdogs. Virginia Canter, an attorney with Democracy Defenders Fund, asserted the service represents a "huge conflict of interest." She highlighted Trump's obligation to disseminate information publicly, arguing that funneling it through a private channel where he holds a significant financial interest is problematic. Canter further characterized Truth Social as having "become the de facto presidential press room." Markets, for what it's worth, already react to Truth Social posts, according to interim CEO Kevin McGurn.
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Platform's Background and Market Performance
Trump Media's initiative mirrors practices by other social networks that offer APIs to paying clients, including hedge funds seeking an edge from low-latency information feeds. However, no other platform serves as the primary conduit for official communications from a U.S. president. Trump frequently posts updates on critical issues, such as foreign policy decisions, exclusively on Truth Social. The platform launched in 2021 following Trump's bans from X and Facebook after the January 6, 2021 Capitol riot. Despite his reinstatement on those platforms, Truth Social remains a key channel. Trump Media went public on Nasdaq under the ticker DJT on March 26, 2024; its shares have since plummeted 84% through Thursday morning, FactSet data reveals. Approximately 114 million shares, constituting 42% of Trump Media, were issued to Trump, which he later transferred to a revocable trust.
