Trump Media & Technology Group launched a paid data service on Saturday that gives Wall Street trading firms early access to posts by Donald Trump and other prominent users on Truth Social, charging up to $100,000 a month for the feed.
The Truth API service provides real-time, authorized access to posts from Trump's account, which has 13 million followers, before they become publicly visible. Democratic senators Elizabeth Warren and Adam Schiff have urged the Securities and Exchange Commission to investigate whether the service violates insider trading laws, and former SEC official Renée Jones said the arrangement appears to run afoul of those rules. The SEC declined to comment. Trump Media's spokesperson denied the service constitutes insider trading.
Trump's posts have moved individual stock prices on multiple occasions this year. Just three subscribers at the top tier would roughly double Trump Media's annual revenue, which totaled $3.7 million last year, as the company's stock has fallen 75 percent since Trump took office.