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Truth Social, owned by Trump, will launch a real-time data service for Wall Street
BlockBeats report, July 16, citing Axios: Trump Media & Technology Group will launch the Truth API, allowing financial services companies to pay for access to Truth Social real-time data. This is the company’s first expansion of its media business into the data-licensing space, and it plans to go live on August 1.
In its initial phase, the Truth API will provide real-time posts from the 10 accounts with the highest platform engagement, including Trump, the White House, FBI Director Kash Patel, White House Deputy Chief of Staff Dan Scavino, and U.S. Secretary of Health and Human Services Robert F. Kennedy Jr., among others. In the future, the company can expand the range of accessible accounts based on customers’ paid tiers.
Interim CEO Kevin McGurn said the company has already signed multiple customers ahead of launch, including financial news organizations and high-frequency trading firms, but did not disclose specific names. He said some organizations previously had long been scraping Truth Social data and reselling it to institutional clients, and that the authorization API rollout will be noticeably faster than scraping.
Trump Media is also discussing licensing Truth Social data to AI companies for large language model training. Last year, the company’s advertising and subscription revenue was $3.68 million, with a net loss of $712 million, most of which came from accounting expenses related to cryptocurrency investments.