Trump Media says HFT firms pay up to $100,000 a month for Truth API

Trump Media & Technology Group said more than 10 customers, mostly high-frequency trading firms, have signed up for its Truth API data feed, paying roughly $60,000 to $100,000 a month for direct machine-readable access to Truth Social posts. Interim Chief Executive Officer Kevin McGurn said on the company's first earnings call that the early-August rollout is still in "the early innings," but the pricing and subscriber count indicate the service could already be generating more than $1 million in monthly fees. He added that Trump Media is in active talks with artificial intelligence firms and plans eventually to launch a retail-trader tier. The offering comes as Trump Media searches for revenue growth after reporting second-quarter revenue of $1.7 million, up 89% from a year earlier, and a net loss of $238 million. The company said unrealized markdowns on Bitcoin and equity holdings accounted for most of the shortfall. The API has also sparked ethical and regulatory questions because President Trump's posts on policy and diplomacy can move markets, while lawmakers argue the service effectively sells faster access to market-moving information tied to the presidency. Representative Jamie Raskin has sought a full list of subscribers, and Democratic lawmakers have separately pushed for a formal SEC investigation. Analyst Markus Thielen of 10x Research told the BBC that Trump Media now looks more like a crypto fund than a media company. Trump Media has also stepped back from some of its broader crypto push, walking away from a planned prediction-market venture with Crypto.com even as it still aims to complete a merger with fusion firm TAE Technologies. Shares have fallen 9% over the past five days after a recent rally, leaving investors focused on whether Truth API can become the durable revenue source McGurn has promised.