Two prominent US senators are pushing the Securities and Exchange Commission to investigate a controversial new service from Trump Media & Technology Group. On July 28, Senators Elizabeth Warren and Adam Schiff formally requested a probe into the company’s "Truth API," a premium feed selling near-instant access to posts from top Truth Social accounts, including those of Donald Trump.
The service reportedly charges institutional traders about $100,000 monthly to receive posts milliseconds after they appear online. This gives subscribing Wall Street firms a clear edge over regular investors who see the content after a delay, creating an uneven playing field. Warren and Schiff warn this could amount to an unfair advantage through information asymmetry rather than traditional insider trading, since the content is public but speed-limited.
Complex ties between Trump and the new revenue model
Trump’s family trust owns nearly 41% of TMTG, so earnings from the Truth API feed partially benefit him directly. Since going public via a SPAC in 2024 under the NASDAQ ticker DJT, the company’s fortunes have closely tracked Trump-related news and updates. The Truth API signals a shift in strategy from simply hosting social posts to monetizing rapid data delivery as a financial product. This move edges TMTG into the space of financial data vendors, which face stricter regulatory scrutiny.
While the SEC considers the senators’ concerns, the debate highlights how social media content is increasingly intersecting with financial markets. Institutional traders are willing to pay six figures a month for milliseconds of lead time on influential posts, raising questions about fairness for retail investors.
This material is informational and not financial advice.
