Donald Trump is selling VIP access to his late-night social media posts for £74,000 a month, a move that critics have condemned as an abuse of power.
Trump Media announced the premium data service on Saturday. The subscription gives clients direct, real-time access to Truth Social posts from Trump and other high-profile figures before they reach the general public.
The so-called Truth API is designed to provide “a direct, licensed, real-time feed of the platform's most market-moving Truths,” according to interim chief executive Kevin McGurn.
But getting a jump on Trump’s outbursts is not cheap – trading firms and other customers are being asked to pay up to $100,000 (£74,000) per month.
A platform built around the president
While other social media companies sell data, Truth Social stands out because its main draw is Trump himself. As the president owns the majority stake in the firm, the VIP subscription could see him benefit personally from the service.
Although official announcements avoid naming him, the @realDonaldTrump account – which has 13 million followers – remains the site’s main attraction.
Trump routinely posts major policy announcements on the app, sending global markets into turmoil with sudden remarks about trade tariffs and foreign conflicts such as the war in Iran.
Accusations of market manipulation
The high-priced arrangement has sparked fierce accusations of market manipulation. Top US politicians Elizabeth Warren and Adam Schiff have written to the Securities and Exchange Commission, asking it to investigate whether Trump’s company is breaking the law.
“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,” the lawmakers said.
Investors have previously been rattled by Trump’s online behaviour. Last year, as panic over a potential “Trumpcession” caused global stock markets to crash, the president fired off more than 100 posts in a single day.
His tirades over Iran have also worried traders, who fear that rising oil prices could push inflation higher.
Stock slump and revenue
Trump Media’s share price has plunged more than 70 per cent since he returned to office, erasing roughly $6 billion (£4.4 billion) in value.
But despite the losses suffered by ordinary investors, official records show Trump still took in $1 billion in revenue from the same companies last year.
