Trump Media plans paid high-speed access to Truth Social posts
In this photo illustration, the app icon of Truth Social is displayed on a smartphone screen. (Photo illustration by Cheng Xin/Getty Images)
NEW YORK - President Donald Trump's media company plans to charge for premium, high-speed access to Truth Social posts, including potentially those from Trump himself that could influence national security matters and financial markets.
Why you should care:
The feature, announced Thursday and called Truth PSI, would give Wall Street trading firms and other institutional customers access to posts from Truth Social contributors within milliseconds, allowing them to react more quickly to market-moving news involving stocks, bonds and interest rates. The service is similar to premium offerings on other social media platforms but comes with a notable distinction: Trump is Truth Social's most-followed user and, as the largest shareholder of its publicly traded parent company, could personally benefit.
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The other side:
"He’s selling expedited, privileged access to information about what he is doing as president," Kathleen Clark, a Washington University School of Law professor and expert on government conflicts of interest, said. "It’s yet more brazen corruption, an improper exploitation of government power to enrich himself."
What they're saying:
The Trump Organization declined to comment on whether the new service profits from Trump's role as president. Trump Media & Technology Group, the parent company of Truth Social, also did not respond to questions about the service, including whether Trump's posts would be excluded.
According to a company news release, Truth PSI will allow subscribers to receive posts from "the highest-ranking Truth Social accounts" before other users. Trump has the platform's largest following with 12.9 million followers, followed by his eldest son, Donald Trump Jr., and then Eric Trump.
The company did not disclose pricing for the new service.
Big picture view:
In recent months, Trump has used Truth Social to announce or discuss major policy issues, including the conflict with Iran, tariffs and immigration enforcement operations. Posts related to Iran have drawn particular attention from investors because of concerns that rising oil prices could fuel inflation and influence future Federal Reserve interest rate decisions.
Shares of Trump Media & Technology have fallen about 70% since Trump took office last year, wiping out roughly $6 billion in shareholder value. The decline, along with losses tied to Trump family cryptocurrency ventures, has drawn scrutiny after Trump's annual financial disclosure reported more than $1 billion in revenue last year from those businesses and related offerings.
Federal conflict-of-interest laws generally prohibit government officials from profiting from their positions, but the president is exempt from those restrictions.
Even so, presidents of both parties have traditionally sought to avoid conflicts by selling individual stocks, divesting business interests or placing assets in blind trusts. Trump has declined to take those steps.
Trump Media has sought to diversify its business in recent months, expanding into cryptocurrency, financial services and nuclear fusion ventures. The company also recently replaced former CEO and ex-Rep. Devin Nunes with media executive Kevin McGurn.
In the announcement, McGurn said the launch of Truth PSI is part of the company's "strategy to monetize proprietary assets." He added that he expects the service to become a "meaningful, ongoing source of revenue."
What's next:
Trump Media said the service is scheduled to launch next month and that it has already secured customers.
By the numbers:
Trump Media shares rose 0.6% to $9.63 on Thursday. Before Trump returned to office last year, the stock had closed at $40.
The Source: This story is based on reporting from The Associated Press, including information from Trump Media & Technology Group's announcement of the new Truth PSI service, public company filings, Truth Social data and interviews with ethics experts, including Washington University School of Law professor Kathleen Clark. This story was reported from Los Angeles.