Trump launches $100,000-a-month early access to his Truth Social posts, drawing insider trading accusations

Launch of Truth API

On Saturday, 1 August 2026, Trump Media & Technology Group officially launched Truth API, a subscription service that gives paying customers early access to posts on Truth Social, including those of President Donald Trump. The fee reaches $100,000 per month, or $60,000 a month for firms that commit to a three-year contract. Truth Social said at least five firms had signed up at the $100,000 rate. The service was announced on 16 July. Interim CEO Kevin McGurn described it as providing "a direct, licensed, real-time feed of the platform's most market-moving Truths." The service is aimed at high-frequency traders and financial media who depend on advantages measured in milliseconds.

Ethical and legal backlash

The plan drew bipartisan criticism from the moment it was announced. Senators Elizabeth Warren and Adam Schiff sent a letter on 28 July to SEC Chair Paul Atkins, demanding an investigation into potential insider trading and abuse of office. Mark Warner, the senior Democrat on the Senate Intelligence Committee, wrote to the heads of six financial trade bodies, among them the Bank Policy Institute, the Securities Industry and Financial Markets Association and the American Bankers Association, urging them to reject the service and saying it created "a clear and unacceptable pathway for corruption."

Republican senators objected as well. Bill Cassidy called the arrangement "a form of buying access" and said "that's wrong." Thom Tillis said "getting insider access to something that could be a market mover before the public does seem inappropriate." Susan Collins said "that does not sound appropriate," and Lisa Murkowski warned against becoming "that place where everything comes down to pay for play." John Curtis also criticised the plan.

This appears to be an outrageous abuse of the President's office for his personal benefit that undermines everyday investors and the integrity of our markets, while enriching Wall Street and other wealthy insiders.

Renée Jones, a Boston College professor and former SEC official, said the paid feed appears to violate federal securities laws that prohibit schemes using non-public information for unfair trading advantage. Irene Aldridge, head of Able Alpha Trading, which does not plan to subscribe, said, "If this was the CEO of a public company, this would be jail time." She added that the president "has the front seat to all the action, who makes all the decisions, and he's disclosing this ahead of time to a select group."

Trump Media's response

Trump Media issued a statement blasting Democratic critics for mischaracterising the service "out of ideological opposition to free markets or a failure to grasp the distinction between public and nonpublic information -- or, quite possibly, both." The White House press office declined to comment, redirecting questions to the company. Trump is the largest shareholder of the publicly traded parent company, meaning he stands to benefit personally from the subscription revenue. His @realDonaldTrump account has 13 million followers and is by far the platform's largest.

Market-moving power

Trump's Truth Social posts have repeatedly shaken financial markets. In July alone, he used the platform to threaten higher tariffs on Canada, to kill a nuclear deal with Saudi Arabia, and to widen the Iran war. Such announcements can cause currencies and stocks to swing within seconds, creating opportunities for high-frequency traders. Last year, Trump published more than 100 posts in a single day while global markets tumbled on fears of a "Trumpcession."

Wall Street wary

Despite the potential edge, many in finance are steering clear. One Wall Street executive, speaking anonymously for fear of retaliation, called the service "insane" and said, "I can say for myself and 200 of my friends in finance, we're not getting anywhere near this. In another administration, this would be considered criminal." NPR contacted 12 major financial firms; none would comment publicly, with some citing the risk of landing in Trump's crosshairs. The SEC has not yet commented on the senators' request.