Donald Trump's media company has announced plans to charge for high-speed access to Truth Social posts, including potentially the president's own, sparking criticism over conflicts of interest and market manipulation.
The service, called Truth PSI, would allow Wall Street trading firms and institutions to see posts from top accounts before other users, enabling them to profit from subsequent market moves. Trump is the most popular poster on the platform and the biggest shareholder of the parent company, Trump Media & Technology Group (TMTG).
Kathleen Clark, an expert on government ethics at Washington University School of Law, described the move as 'brazen corruption' and an 'improper exploitation of government power'. Trump regularly uses Truth Social to announce major decisions affecting markets, such as tariffs and policies on Iran.
Since Trump took office, TMTG's stock has fallen more than 70%, erasing $6bn in shareholder value. The president indirectly owns about 53% of the company, worth around $1.41bn based on current market capitalisation. His total earnings in his first year back in office were $2.2bn, largely from cryptocurrency ventures.
Conflict of interest laws bar US government officials from owning companies that profit from their office in this way, but the president and vice-president are excluded from the provision. TMTG declined to comment on whether the service profits from the presidency.
The press release did not specify pricing for Truth PSI. Trump launched Truth Social in 2022 after being banned from Twitter and Facebook following the 6 January 2021 Capitol attack.
