by Coinstrooper Crypto Articles
Quick Take
  • Bloomberg, Susquehanna International Group, and Jump Trading have bought Truth Social’s paid feed of Donald Trump’s posts, sources say.
  • The feed costs up to $100,000 a month, and critics call the arrangement unethical.
  • Susquehanna and Jump are high-frequency trading firms that run automated, algorithm-driven strategies.
  • A head start on posts with the potential to swing markets gives them an edge unavailable to everyday investors.

What Happened

Susquehanna and Jump are high-frequency trading firms that run automated, algorithm-driven strategies. A head start on posts with the potential to swing markets gives them an edge unavailable to everyday investors.

Trump Media and Technology Group (DJT), which owns Truth Social, announced the feed, called Truth API, in July. An API, or application programming interface, links one software system to another.

A trust for Trump’s family holds 41% of Trump Media, and Trump is its only beneficiary. Securities and Exchange Commission (SEC) filings list Donald Trump Jr. as trustee, holding sole voting and investment power.

White House spokesman Davis Ingle said Trump and his family are not directly involved in portfolio investment decisions. Ingle did not address the allegation that Trump is improperly using his office.

Press groups Intercept Media and the Freedom of the Press Foundation brought the Truth API lawsuit against Trump in August. The plaintiffs want the White House barred from using Truth Social as its sole announcement channel while the feed operates.

Market Context

Bloomberg, Susquehanna International Group, and Jump Trading have bought Truth Social’s paid feed of Donald Trump’s posts, sources say. The feed costs up to $100,000 a month, and critics call the arrangement unethical.

Trump Media said in August that more than 10 customers, mostly high-frequency trading firms, had signed up.

Why It Matters

The plaintiffs say charging for access to government information could be unconstitutional and tilts the field toward Wall Street.

Reuters judges these likely the first sales of a sitting president’s statements by a company linked to him. It calls the legal footing untested, and the pending lawsuit is the direct challenge to it.

Its outcome could decide whether speed on presidential messaging stays a product Wall Street can buy.

Details

Who Profits When Donald Trump’s Posts Become a Product?

Reuters reported the purchases, which had not surfaced publicly before. Bloomberg, Susquehanna, and Jump declined to comment.

“Truth Social offers an industry-standard API product for which there is significant demand across industries.”

Trump Media statement to Reuters

Can a Paywall Sit Between the Public and Official Statements?

Trump Media shares have dropped more than 50% this year, Reuters reports. The company is valued near $1.8 billion, against about $8 billion at its March 2024 debut.

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