Trump Has Already Made Over $1 Million Selling Access to His Truth Posts
Trump Media may have already made greater than $1 million from buying and selling companies paying for early entry to President Trump’s Truth Social posts, the corporate confirmed Monday.
More than 10 high-frequency buying and selling companies subscribed to the service, known as Truth API. They pay between $60,000 and $100,000 a month for sooner entry to market-moving posts.
How Truth API Works
Truth API launched in early August. It offers subscribers machine-readable entry to posts from Truth Social’s most-followed accounts, together with Trump’s personal.
At $60,000 to $100,000 a month, greater than 10 subscribers already generate probably over $1 million in month-to-month charges. Interim Chief Executive Officer Kevin McGurn disclosed the price vary throughout Trump Media’s first-ever earnings call. He known as the early rollout “the early innings.”
McGurn mentioned the corporate can also be in energetic talks with synthetic intelligence companies. He added {that a} retail-trader tier is coming finally.
Lawmakers Push Back
Lawmakers have criticized the association. They argue it lets an organization majority-owned by Trump’s household revenue from his personal market-moving statements.
Representative Jamie Raskin despatched a letter to McGurn in late July. He demanded a full record of subscribers as scrutiny grew over Truth Social subscription fees.
Democratic lawmakers individually pushed for a proper SEC investigation demand into the service. They argue it successfully sells entry to market-moving info tied to the presidency.
A Loss-Making Business for Trump
Meanwhile, Trump Media’s underlying enterprise nonetheless loses cash regardless of the brand new income stream. The firm’s second-quarter net loss reached $238 million, greater than 10 instances the loss reported a yr earlier.
Revenue totaled simply $1.7 million, up 89% yr over yr. However, unrealized markdowns on Bitcoin and fairness holdings drove a lot of the shortfall.
Analyst Markus Thielen of 10x Research provided a blunt evaluation. He informed the BBC that Trump Media operates extra like a crypto fund than a media firm.
What Comes Next
Trump Media lately walked away from a deliberate prediction-market enterprise with Crypto.com. The transfer suits a broader crypto ambitions pullback beneath McGurn.
The firm additionally nonetheless goals to shut a merger with fusion agency TAE Technologies. McGurn initially anticipated that deal to shut months in the past.
Shares are down 9% previously 5 days after a latest rally. Investors now watch whether or not Truth API turns into the sturdy income supply McGurn guarantees.
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