President Donald Trump and several White House officials have been sued over Truth API, a paid Truth Social service that gives subscribers faster access to potentially market-moving posts.
The Intercept and Freedom of the Press Foundation filed the lawsuit in federal court in New York, alleging that the service violates constitutional protections by giving paying customers preferential access to official government information.
Truth API, launched on Aug. 1, has already signed more than 10 customers, primarily high-frequency trading firms. According to Trump Media interim CEO Kevin McGurn, subscribers are paying between $60,000 and $100,000 per month.
The service delivers posts from Trump and other major Truth Social accounts slightly faster than they become publicly available. The plaintiffs argue this could provide paying traders with an advantage when Trump uses the platform to announce government policies, personnel changes or other potentially market-moving developments.
Trump Media is also evaluating opportunities to license Truth Social data to prediction-market operators, although the company has not disclosed what data would be sold or how it would be used.
McGurn defended Truth API as a commercial feed of publicly available information delivered “fractionally faster” than other channels.
The lawsuit seeks a court ruling that the service is unconstitutional and would require equal public access to official presidential posts. It follows calls from Democratic Senators Elizabeth Warren and Adam Schiff for the SEC to investigate whether Truth API could raise insider-trading or market-manipulation concerns.
The Intercept and Freedom of the Press Foundation filed the lawsuit in federal court in New York, alleging that the service violates constitutional protections by giving paying customers preferential access to official government information.
Truth API, launched on Aug. 1, has already signed more than 10 customers, primarily high-frequency trading firms. According to Trump Media interim CEO Kevin McGurn, subscribers are paying between $60,000 and $100,000 per month.
The service delivers posts from Trump and other major Truth Social accounts slightly faster than they become publicly available. The plaintiffs argue this could provide paying traders with an advantage when Trump uses the platform to announce government policies, personnel changes or other potentially market-moving developments.
Trump Media is also evaluating opportunities to license Truth Social data to prediction-market operators, although the company has not disclosed what data would be sold or how it would be used.
McGurn defended Truth API as a commercial feed of publicly available information delivered “fractionally faster” than other channels.
The lawsuit seeks a court ruling that the service is unconstitutional and would require equal public access to official presidential posts. It follows calls from Democratic Senators Elizabeth Warren and Adam Schiff for the SEC to investigate whether Truth API could raise insider-trading or market-manipulation concerns.