Washington (United States) (AFP) – US President Donald Trump’s move to charge for early access to his often market-moving Truth Social posts is raising eyebrows a year and a half into an administration that has already seen unprecedented enrichment for the First Family. Trump — like his close relatives — is alleged to have made billions of dollars in his second White House term through cryptocurrency ventures, property deals, stock trades and payouts from lawsuits.
On Saturday, Trump Media and Technology Group launched a product called Truth API, first unveiled in mid-July. Subscribers to the paid service are supposed to get almost instantaneous access to Trump’s messages on Truth Social — crucial seconds ahead of the general public. Much of Trump’s output on Truth Social consists of AI memes and insults of political opponents. But Trump also uses the platform to announce huge news, ranging from developments in the Iran war to trade tariffs, all of which can instantly send market values tumbling or soaring.
The news outlet Axios has reported that monthly subscription rates for early access run from $60,000 to $100,000. Five trading companies signed up shortly after the launch, according to The Wall Street Journal. The idea behind this new paid service is “getting the fastest investors and algorithms a split-second advantage,” Art Hogan, an analyst with B. Riley Wealth Management, told AFP.
Critics, however, say it’s corruption, pure and simple. Democratic Senator Mark Warner announced Tuesday on X that he has introduced a bill “to crack down on this corruption and ensure all Americans have free and equal access to public announcements from government officials.” His colleagues Elizabeth Warren and Adam Schiff called last week for a probe by the Securities and Exchange Commission, the body which regulates US stock markets, into what they called “outrageous abuse of the President’s office for his personal benefit.”
Hours after the new service was launched, Trump offered a clear display of how his words on Truth Social can indeed move markets: when he announced Saturday that he was calling off a plan to attack Iran, oil prices dropped. Ann Lipton, a law professor at the University of Colorado, Boulder, said Trump knows the value of his statements and that the more he rattles markets, the more valuable his new service becomes. “It gives Trump an incentive to post things that move the markets regardless of whether those kinds of disclosures are in the interests of the American people,” said Lipton, who specializes in stock market regulation.
Trump has dismissed concerns. Last month, he defended how he made around $1.2 billion in cryptocurrency ventures in 2025, arguing that “everybody is profiting” from a stock market boom since he returned to the White House. But a CNN/SSRS poll released in late July said 64 percent of those questioned feel Trump has gone “too far” in pursuing personal financial interests while in the White House. Forbes, a financial media outlet, has estimated that Trump’s net worth shot up from $2.3 billion to $6.5 billion since 2024, when he won the election over Kamala Harris.
© 2024 AFP
