Trump Media could have already made more than $1 million from trading firms paying for early access to President Trump’s Truth Social posts, the company confirmed Monday.
More than 10 high-frequency trading firms subscribed to the service, called Truth API. They pay between $60,000 and $100,000 a month for faster access to market-moving posts.
How Truth API Works
Truth API launched in early August. It gives subscribers machine-readable access to posts from Truth Social’s most-followed accounts, including Trump’s own.
At $60,000 to $100,000 a month, more than 10 subscribers already generate potentially over $1 million in monthly fees. Interim Chief Executive Officer Kevin McGurn disclosed the fee range during Trump Media’s first-ever earnings call. He called the early rollout “the early innings.”
McGurn said the company is also in active talks with artificial intelligence firms. He added that a retail-trader tier is coming eventually.
Lawmakers Push Back
Lawmakers have criticized the arrangement. They argue it lets a company majority-owned by Trump’s family profit from his own market-moving statements.
Representative Jamie Raskin sent a letter to McGurn in late July. He demanded a full list of subscribers as scrutiny grew over Truth Social subscription fees.
Democratic lawmakers separately pushed for a formal SEC investigation demand into the service. They argue it effectively sells access to market-moving information tied to the presidency.
A Loss-Making Business for Trump
Meanwhile, Trump Media’s underlying business still loses money despite the new revenue stream. The company’s second-quarter net loss reached $238 million, more than 10 times the loss reported a year earlier.
Revenue totaled just $1.7 million, up 89% year over year. However, unrealized markdowns on Bitcoin and equity holdings drove most of the shortfall.
Analyst Markus Thielen of 10x Research offered a blunt assessment. He told the BBC that Trump Media operates more like a crypto fund than a media company.
What Comes Next
Trump Media recently walked away from a planned prediction-market venture with Crypto.com. The move fits a broader crypto ambitions pullback under McGurn.
The company also still aims to close a merger with fusion firm TAE Technologies. McGurn originally expected that deal to close months ago.
Shares are down 9% in the past 5 days after a recent rally. Investors now watch whether Truth API becomes the durable revenue source McGurn promises.
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