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Trump Media & Technology Group has seen its revenue triple from the same time last year after offering faster access to President Donald Trump’s posts for a fee.
The company, which owns Trump’s Truth Social platform, generated $3 million in its third quarter that ended on September 30. About $1.8 million of that revenue was from subscriptions to the Truth+ streaming platform and Truth API.
Truth API was rolled out over the summer to allow news organizations and Wall Street firms “real-time” access to posts from the “high-ranking Truth Social accounts,” according to a July press release announcing the new subscription.
But this type of access to the president does not come cheap.
Bloomberg, Susquehanna International Group and Jump Trading bought Truth API subscriptions for between $60,000 and $100,000 a month, Reuters reported in October.
Democratic Senators Elizabeth Warren of Massachusetts and Adam Schiff of California have sounded the alarm over Truth API, calling it an abuse of Trump’s office for his personal gain.
Warren and Schiff sent a letter to Paul Atkins, chair of the Securities and Exchange Commission, in July, urging his agency to investigate Trump Media's moveand determine whether it violates federal securities laws.
