Trump Media says more than 10 customers have signed up for a new service that gives Wall Street firms faster access to potentially market-moving posts published on Truth Social.
According to BBC, the service, known as Truth API, launched at the beginning of August and is already attracting mostly high-frequency trading firms willing to pay between $60,000 and $100,000 a month.
Trump Media interim chief executive Kevin McGurn disclosed the figures during an earnings call, saying the company expects the product to become an important new source of revenue.
Truth API targets Wall Street traders
The service gives subscribers faster access to posts from some of Truth Social’s most influential accounts, including statements from US President Donald Trump that can sometimes move financial markets.
McGurn said the company believes the service could become a “meaningful” and “durable” revenue stream as Trump Media looks beyond advertising for income.
The company is also exploring potential opportunities with technology firms, news organisations and betting markets.
However, the service has raised legal and ethical questions because Trump’s family remains the majority shareholder in the company, while the president’s own public statements could potentially generate financial value for subscribers and Trump Media itself.
Trump Media reports $238m quarterly loss
The new service comes as Trump Media reported a $238 million loss between April and June, more than 10 times the loss recorded during the same period a year earlier.
The company generated $1.7 million in revenue during the quarter, representing an 89 per cent increase from a year earlier, but its overall performance was hit by losses connected to cryptocurrency holdings.
Trump Media said it ended the quarter with about $2 billion in total assets and roughly $1.9 billion in financial assets, including cash, short-term investments and digital currencies.
The company has increasingly expanded beyond social media into cryptocurrency and clean-energy investments, although it has yet to post a profit.
Analyst Markus Thielen told BBC that Trump Media increasingly resembles a crypto holdings company “wrapped around” a media business, with much of its recent losses linked to that strategy.
Trump Media says it now plans to refocus attention on its social media business while continuing to build new revenue streams around Truth Social.
