Trump Media & Technology Group, owned by former President Donald Trump, is launching a new service for Wall Street firms. This service will allow quick access to important posts from Trump’s social media platform, Truth Social.
Launched in 2022, Truth Social has become the main platform for Trump to make significant announcements, including changes to U.S. tariffs and updates on international relations, such as discussions with leaders like Xi Jinping of China and Vladimir Putin of Russia. Recently, updates about the war in Iran have also been shared via the platform.
The new service, named “Truth API,” is designed to enable software applications to communicate with each other. Kevin McGurn, the acting CEO of TMTG, mentioned that market reactions to Truth Social posts are already evident. He believes the Truth API will provide a steady revenue source for the company, ultimately benefiting shareholders.
As the majority stakeholder, Trump stands to gain from this new income stream. His financial assets are managed in a trust run by his children while he is in office. Despite the service aiming to include posts from influential accounts, Truth Social still primarily reflects Trump’s views and those of his allies. This situation raises concerns about the potential conflict of interest, as Trump’s statements may also influence his financial profits.
Both the White House and TMTG did not provide comments about the service when approached for responses. Meanwhile, Wall Street investors currently use other applications to access real-time data and react swiftly to market developments.
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