Trump Media Earns Over 1 Million USD from Truth API Subscriptions

Trump Media has generated over 1 million USD from trading firms paying for early access to President Trump's Truth Social posts, confirmed on Monday. More than 10 high-frequency trading firms subscribe to the Truth API service, paying between 60000 and 100000 USD monthly for quicker access to market-moving posts. Launched in early August, Truth API provides machine-readable access to posts from Truth Social's most-followed accounts, including Trump's. With over 10 subscribers, the monthly fees could exceed 1 million USD. Interim CEO Kevin McGurn mentioned the fee range during the company's first earnings call, describing the rollout as 'the early innings.' McGurn also stated that the company is in discussions with artificial intelligence firms and plans to introduce a retail-trader tier. Lawmakers have criticized the arrangement, claiming it allows a company majority-owned by Trump's family to profit from his market-moving statements. Representative Jamie Raskin requested a full list of subscribers amid growing scrutiny. Democratic lawmakers have called for a formal SEC investigation into the service, arguing it sells access to presidential market-moving information. Despite the new revenue stream, Trump Media reported a second-quarter net loss of 238 million USD, significantly higher than the previous year, with revenue at 1.7 million USD, an 89% increase year over year. Analyst Markus Thielen noted that Trump Media resembles a crypto fund more than a media company. The company recently abandoned a planned prediction-market venture with Crypto.com and aims to finalize a merger with TAE Technologies.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.