Trump Media says Truth API drove 205% third-quarter revenue increase
Trump Media said its paid fast feed for Truth Social posts drove a 205% quarterly revenue jump, as the service faces legal and ethics scrutiny.
By Sal Moretti · Money Reporter
3 min read
Trump Media Truth API revenue got a lift in the third quarter, with the company reporting a 205% increase and saying sales of its faster Truth Social data feed were the main reason, NBC News reported Nov. 9.
The product, called Truth API, sells direct, machine-readable access to posts from prominent Truth Social accounts. Trump Media announced the offering on July 16, said it expected availability for institutional customers from Aug. 1, and later said the service had gone live in August, according to the company and NBC News.
What is Truth API and how does it work?
Rather than having an employee refresh the social network, a subscriber can plug the feed into its own systems. Trump Media says posts are delivered in milliseconds, with round-the-clock coverage and an archive reaching back to 2022.
The company has marketed the service to organizations for which speed matters, including news and data businesses and high-frequency or algorithmic trading firms. Reuters reported that Trump Media officials described the timing edge as 50 milliseconds.
Subscriptions cost between $60,000 and $100,000 a month, according to NBC News and Reuters. Trump Media said in August that it had signed more than 10 customer agreements, mainly with Wall Street trading firms, though Reuters said it could not independently verify that count.
Reuters, citing people with direct knowledge, reported in late October that Bloomberg, Susquehanna International Group and Jump Trading had subscribed. Bloomberg and the two trading firms declined to comment, Reuters said. Trump Media has not publicly identified its customer list.
Why Wall Street wants faster Truth Social posts
Automated trading programs can assess information and place trades in fractions of a second. Presidential Truth Social posts can move financial markets, Reuters reported. As one example, oil futures fell after President Donald Trump announced an Iran-war ceasefire on the platform in April, according to Reuters.
That does not establish that the paid feed caused any particular trade or market move. It explains why Trump Media has pitched faster access as valuable to firms reacting to potentially market-moving information.
Trump Media said Truth API is an industry-standard product with significant demand across industries and said it protects customer confidentiality. A company spokesperson told NPR that selling social-platform data is commonplace and that the president's posts are widely distributed by platforms and news outlets.
What scrutiny has the paid feed drawn?
The Intercept and the Freedom of the Press Foundation sued Trump and other defendants in August, seeking to stop exclusive Truth Social posting of official government announcements while the paid service operates. The suit alleges constitutional violations; Reuters reported in October that the case was ongoing. Those allegations have not been resolved by a court.
Democratic Sens. Elizabeth Warren and Adam Schiff also asked the Securities and Exchange Commission to examine whether the arrangement could violate federal securities laws, NBC News reported. The request is not a finding of wrongdoing.
The ownership question sits close to the debate. Reuters reported that Trump's family trust owned 41% of Trump Media, Trump was the trust's sole beneficiary, and Donald Trump Jr. was listed as trustee with sole voting and investment power.
This story draws on original reporting from NBC News.