U.S. President Donald Trump’s social media platform, Truth Social, has formed deals to grant Bloomberg and two Wall Street firms early access to his posts, according to Reuters, referencing sources familiar with the situation.
The agency states that this is the first occasion a Trump-associated business has offered access to his remarks. According to Reuters, Trump’s posts can sometimes sway market prices, and early access gives traders an edge that regular investors do not have.
The service being discussed is a paid data feed named “Truth API,” which enables clients to access Trump’s posts a bit earlier than those who check his page manually. A spokesperson for Trump Media & Technology Group, the parent company of Truth Social, mentioned that the time difference is 0.05 seconds.
As reported by Reuters, aside from Bloomberg, the service has also been utilized by Susquehanna International Group and Jump Trading—companies focused on algorithmic trading. These traders use software to analyze news headlines, corporate announcements, and official statements for information that may influence asset prices. The software processes this information and carries out trades in just milliseconds, Reuters reports. Bloomberg, Susquehanna International Group, and Jump Trading did not provide any comments.
In June, Trump Media started providing financial institutions with accelerated access to Trump’s posts. According to Reuters, the monthly fee can be as high as $100,000, but there is a discount for three-year subscriptions that reduces the cost to $60,000 per month. In August, Trump Media revealed that it had obtained “over ten agreements.” It did not specify who the clients were, but indicated that they mainly consisted of Wall Street trading firms.
source: reuters.com
