Trump's Golden Goose? Truth Social Post Priority Access Reportedly Priced at $100,000 Monthly Fee, Wall Street Shocked by De Facto 'Transaction Tax'

Former U.S. President Donald Trump’s social media posts frequently move financial markets, and now his company is reportedly charging Wall Street traders and investment institutions up to $100,000 (approximately NT$3.24 million) per month for faster access to his posts on Truth Social.

According to insiders, Trump Media & Technology Group (TMTG), the company behind Truth Social, has recently been in talks with Wall Street trading firms and investment institutions about launching this paid service. For clients willing to sign a three-year contract, TMTG is offering a discounted rate of $60,000 per month (approximately NT$1.95 million).

On Thursday, TMTG announced the launch of a licensed data service called 'Truth API,' allowing banks and trading firms to receive posts from the 10 most influential accounts on Truth Social at the fastest possible speed. However, pricing details were not disclosed at the time.

If confirmed, this would mark TMTG’s first major step into data licensing as a new revenue stream. However, it has already drawn sharp criticism from Democratic lawmakers. Ron Wyden, Oregon’s Democratic U.S. Senator and the top Democrat on the Senate Finance Committee, said the service would financially benefit the Trump family and allow 'Wall Street traders to make massive profits.'

Trump’s Posts Often Move Markets

Trump’s social media activity frequently influences market movements, and many large trading firms, hedge funds, and financial service providers rely heavily on executing trades as quickly as possible.

For example, on April 9, 2025, Trump posted on Truth Social that he would pause most new tariff measures for 90 days, causing all three major U.S. stock indices to reverse from losses to gains.

Insiders say that for high-frequency trading (HFT) firms, access to Truth API is nearly essential, as even a few milliseconds’ advantage over competitors can generate hundreds of thousands of dollars in profit during large trades.

A De Facto 'Transaction Tax'

TMTG has struggled to expand its media business in the competitive social media landscape. The new product will offer 24/7 tracking of key account posts and include a database of posts dating back to 2022. The company said it already has signed clients ahead of the August 1 official launch but did not disclose their identities.

TMTG’s stock has fallen about 27% this year. On Friday (the 17th), it closed nearly flat at $9.66, giving the company a market capitalization of approximately $2.7 billion.

More than six senior Wall Street executives and traders said that while the product may not suit all trading strategies, it will inevitably attract clients. Even a small number of institutional subscribers could generate millions in new revenue for the currently loss-making Trump Media.

One executive likened Truth API to a new 'transaction tax,' suggesting trading firms may have no choice but to pay the president’s social media company for this service.

The most-followed accounts on Truth Social include Trump himself, as well as close allies such as his sons Donald Trump Jr. and Eric Trump, and supporters Dan Bongino and Sean Hannity.

According to regulatory filings, the Donald J. Trump Revocable Trust holds approximately 114.75 million TMTG shares, or about 41% of outstanding shares. The trust is managed by Trump’s children and holds his investments.

Profiting from Policy Announcements?

Critics have repeatedly questioned whether Trump and his family are profiting from government policies. According to Trump’s latest financial disclosure, he earned over $1.4 billion last year through his family’s cryptocurrency ventures—digital asset gains that benefited from policies he announced.

Donald Sherman, president of CREW (Citizens for Responsibility and Ethics in Washington), a nonpartisan watchdog group, said the Truth API arrangement is 'clearly unethical' because the president could profit from third parties paying for early access to his posts. However, based on current public information, it is difficult to determine if this violates any laws.

Sherman and other legal experts note that the U.S. Constitution’s 'Emoluments Clause' primarily prohibits federal officials from accepting benefits from foreign governments without congressional approval and bars the president from receiving gifts from state governments—but may not directly apply in this case.

Additionally, while U.S. regulations generally prohibit trading securities based on 'material non-public information,' such restrictions may not apply if hundreds or even thousands of people simultaneously gain early access to Trump’s posts.

Elizabeth Warren, the top Democrat on the Senate Banking Committee, criticized the plan as a 'terrible scheme that enriches the president and Wall Street while doing nothing for the American people.'

Although the White House claims Trump’s business empire is managed by his children, Trump remains the ultimate beneficiary of the trust.