Nearly a dozen firms are already paying up to $100,000 per month for early access Trump’s Truth Social posts

Trump Media & Technology Group has signed up more than 10 customers for its Truth API service, which gives Wall Street traders access to Truth Social posts from top users — including President Donald Trump — milliseconds before they reach the platform's broader audience, per Fortune. Customers pay between $60,000 and $100,000 per month for the access, which launched earlier this month.

Interim CEO Kevin McGurn disclosed the customer tally during the company's earnings presentation on Monday, according to Fortune. He said most current Truth API subscribers are high-frequency trading firms, but the company is in talks to sell the product to hyperscalers, large news organizations, and large-language model developers. McGurn also said Trump Media plans to expand the tool for retail trading. He described the product as being in "early innings" while noting the company was "strongly encouraged" by initial uptake.

Trump Media, founded by Trump in 2021, reported a loss of $238 million between April and June — more than 10 times the magnitude of its quarterly losses from a year earlier — as it expanded into cryptocurrencies, per Fortune. Truth API is positioned as part of a turnaround plan refocusing on social media. Trump owns approximately 41% of company shares, meaning he stands to benefit directly from API subscription revenue; at 10 customers, the service could generate up to $1 million per month, or $12 million annually, Fortune notes.

The service has drawn sharp criticism from economists and legal experts who argue it creates a two-tiered information market around presidential statements. "I'll be blunt," Gian Luca Clementi, an economics professor at NYU Stern School of Business, told Fortune. "This is insider trading by definition." The concern is rooted in Trump's track record of market-moving posts — in April, a Truth Social post about pausing planned strikes on Iranian infrastructure triggered a $1.5 trillion stock market rally.

Last month, Democratic Rep. Ritchie Torres of New York petitioned the SEC to investigate Truth API, arguing that selling preferential access to a sitting president's market-moving policy announcements to a select group of traders undermines fair markets. Tyler Gellasch, CEO of Healthy Markets Association and a former SEC counsel, placed Truth API within a broader shift in financial disclosure infrastructure — noting the SEC is also weighing whether to allow companies to report financials semiannually rather than quarterly. "When you have a market that looks like that, it looks rigged," Gellasch told Fortune.

Trump Media did not respond to Fortune's request for comment. Company spokesperson Shannon Devine told Quartz that Truth API "offers customers the fastest way to ingest publicly available Truth Social data" and that critics "must have invented a new theory of 'insider trading' based on publicly available information." McGurn echoed that framing during the earnings call, saying "providing licensed real-time public data through commercial APIs is a well-established business practice across the technology, financial information, and media industries."

McGurn indicated the company views Truth API as just one piece of a broader strategy that also includes advertising, subscriptions, and a digital asset treasury. Whether the SEC acts on Torres's petition — or whether regulatory scrutiny dampens subscriber growth — remains the near-term question for the product.