Trump Media and Technology Group announced Monday that its revenue jumped 205% in the third quarter, which it said was “primarily driven” by the sale of a high-velocity feed of posts on Truth Social.
The “Truth API,” as the company calls it, allows news agencies, Wall Street trading firms and other services to pay $60,000 to $100,000 per month for a direct feed of posts to the social network. Critics have called the stream an attempt to profit from President Donald Trump’s posts.
Trump, whose revocable trust is Trump Media’s largest shareholder, is Truth Social’s largest user.
Trump’s trust owns more than 41% of Trump Media, according to data from S&P Capital IQ. In a June filing with the Securities and Exchange Commission, the trust said Donald Trump Jr. was “the sole director and had sole voting and investment authority” over its holdings.
Trump Media’s stock, which trades under the symbol DJT for Trump’s initials, closed Monday at $4.06, giving it a market valuation of $1.13 billion. That’s down 69% so far this year.
In July, Trump Media announced the high-speed feed offering, saying it would allow “real-time access to posts from top-ranked Truth Social accounts.”
The company recognized that the service could be market-changing and highly valuable to any trading company.
“Markets are already moving on Truth Social posts,” Kevin McGurn, interim CEO of Trump Media, said at the time. He added that “high-frequency and algorithmic trading firms that require a low-latency, machine-readable feed rather than manual tracking” could benefit from paying for the feed.
In August, the company announced that the service was up and running.
Last month, Reuters reported that Bloomberg and two Wall Street trading firms were among the customers who had signed up for the service. Bloomberg declined to comment to NBC News in October, while the other two companies did not respond to requests for comment at the time.
Two leading Democratic senators, Elizabeth Warren of Massachusetts and Adam Schiff of California, said the Truth Social thread amounted to “an outrageous abuse of the president’s office for personal gain.” In July, they asked the SEC to “determine whether the proposed arrangement would violate applicable federal securities laws.”
Trump was asked Sunday if he was using his presidency to enrich himself.
“I spend almost no time on my net worth,” Trump said in an interview with CBS News’ “60 Minutes.” “I have a lot of money, more than I ever thought I would have. And I guess it’s been growing. I don’t even know.”
Trump said his son “watches” his money, adding, “I don’t even talk to him about it.”
Trump’s personal finances differ significantly from those of other recent presidents. As of June, Trump’s latest personal financial disclosure was more than 900 pages long. For comparison, President Barack Obama’s final declaration form was eight pages long, while President Joe Biden’s was 11. Vice President JD Vance’s form for last year was 17 pages long.
Trump’s disclosure shows billions of dollars in income tied to cryptocurrencies, media deals and vast personal investments in stocks and bonds.
The White House has repeatedly insisted that “neither the president nor his family have ever engaged – or will ever engage – in conflicts of interest.”
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