Inside the Truth API Selling Trump Posts to Wall Street
The Story
Trump Media and Technology posted a 238 million dollar quarterly loss and announced it will retreat from crypto, online betting and finance to refocus on Truth Social.
The loss for the three months to June ran more than ten times higher than the same period a year earlier, driven largely by paper losses on the company's crypto holdings.
Stripping out those crypto writedowns, the company still lost 164 million dollars against 44 million dollars a year ago, while revenue reached just 1.7 million dollars.
New chief executive Kevin McGurn called the retreat a disciplined choice to pivot toward the initiatives that matter most.
At the center of the new strategy sits the Truth API, a paid service that gives Wall Street traders high speed access to Truth Social posts before everyone else, including policy announcements from President Trump that move shares, bonds and interest rates.
Ten customers signed up in the first days of August at 60,000 to 100,000 dollars a month each, drawing criticism that the product turns the presidency into a trading edge.
Trump Media will keep its nuclear fusion venture and still aims to complete a merger with TAE Technologies by the end of 2026.
The loss for the three months to June ran more than ten times higher than the same period a year earlier, driven largely by paper losses on the company's crypto holdings.
Stripping out those crypto writedowns, the company still lost 164 million dollars against 44 million dollars a year ago, while revenue reached just 1.7 million dollars.
New chief executive Kevin McGurn called the retreat a disciplined choice to pivot toward the initiatives that matter most.
At the center of the new strategy sits the Truth API, a paid service that gives Wall Street traders high speed access to Truth Social posts before everyone else, including policy announcements from President Trump that move shares, bonds and interest rates.
Ten customers signed up in the first days of August at 60,000 to 100,000 dollars a month each, drawing criticism that the product turns the presidency into a trading edge.
Trump Media will keep its nuclear fusion venture and still aims to complete a merger with TAE Technologies by the end of 2026.
Why It Matters
The pivot lands with bipartisan heat: Republican Senator Bill Cassidy of Louisiana called selling fast access to the president’s posts a form of buying access, Variety reports. More than ten firms, mostly high frequency trading shops, pay between 60,000 and 100,000 dollars a month for the feed, which launched August 1, the BBC finds. Analyst Markus Thielen of 10x Research calls the company a crypto holdings firm wrapped around a media business, and the quarter backs him: 190.4 million dollars of the loss was paper losses on digital assets, plus 25.6 million in legacy litigation bills. The discipline claim gets its next test when the proposed 6 billion dollar merger with fusion firm TAE Technologies closes in Q4.
Go Deeper
Read the original reporting at The Standard.
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