Trump Media's new paid data service goes live, giving cli…

Trump Media and Technology Group launched a new paid data service, the "Truth API," on August 1, which provides real-time access to posts on the Truth Social platform, particularly those from President Donald Trump. This API aims to give firms a licensed feed of significant posts that may influence markets. The announcement follows scrutiny from Senators Adam Schiff and Elizabeth Warren, who urged the SEC to investigate potential legal violations relating to the service, citing concerns about its impact on market integrity and the advantage it might confer to wealthy insiders.

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Trump Media and Technology Group's launched its new paid data service on Aug. 1, providing faster access to Truth Social posts from President Donald Trump and other top accounts on the platform.
The new API is designed to give firms "a direct, licensed, real-time feed of the platform's most market-moving Truths."
The launch comes after Democratic Senators Adam Schiff and Elizabeth Warren took aim at the new service, urging the SEC to investigate whether the company is violating the law.

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Trump Media and Technology Group's new paid data service launched on Aug. 1, providing faster access to Truth Social posts from President Donald Trump and other top accounts on the platform.

"Truth API," the new application programming interface, is designed to give firms "a direct, licensed, real-time feed of the platform's most market-moving Truths," interim CEO Kevin McGurn said in a release announcing the launch.

While not explicitly naming Trump, the president's @realDonaldTrump account is the largest on Truth Social by far, often posting his most consequential policy decisions there first, including updates on the war with Iran.

As of Saturday, the account has 13 million followers.

Trump's family is also the largest shareholder in Trump Media, the public company that operates Truth Social.

The launch comes after Democratic Sens. Adam Schiff of California and Elizabeth Warren of Massachusetts took aim at the new service, urging the Securities and Exchange Commission on Wednesday to investigate whether the company is violating the law.

"This appears to be an outrageous abuse of the President's office for his personal benefit that undermines everyday investors and the integrity of our markets, while enriching Wall Street and other wealthy insiders," the y wrote in a letter to SEC chair Paul Atkins dated Tuesday.

The SEC declined to comment on the letter to CNBC.

"Markets already move on Truth Social posts," Truth Media's McGurn wrote at the time of the announcement. "Truth API delivers a direct, licensed, real-time feed of the platform's most market-moving Truths while advancing our strategy to monetize proprietary assets through a high-margin, recurring revenue stream."

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Trump Media's new paid data service goes live, giving clients faster access to Trump’s posts