Media News: Trump Media's Paid Feed Gains Clients Amid Insider Trading Concerns

Trump Media claims that more people are signing up for its new paid data service, which offers subscribers quicker access to posts from Donald Trump and other high-profile Truth Social accounts.

Interim CEO Kevin McGurn said Monday that Truth API now has customers in the “mid-teens,” up from more than 10 agreements disclosed about two weeks earlier. During an appearance on CNBC, McGurn said the number continues to climb.

Truth API, which started on August 1, gives paying customers faster access to posts from the ten most-followed accounts on the platform. The service costs between $60,000 and $100,000 per month.

There has been criticism of the service, since Trump often uses Truth Social to announce policies that can affect financial markets. The Intercept Media and Freedom of the Press Foundation have filed lawsuits, saying that selling faster access to official presidential communications gives those who can pay an unfair advantage.

Sens. Elizabeth Warren and Adam Schiff have also asked the Securities and Exchange Commission to examine whether the arrangement raises securities-law concerns.

Trump Media has responded by saying that subscription-based access to faster information is standard practice in financial and media industries. The company reported a net loss of $238.1 million in the second quarter, with revenue at $1.67 million. Much of the loss was related to cryptocurrency holdings.

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