bbc_business

Why Trump Media's sale of fast access to market-moving social posts is controversial

📰 source: bbc_business · 💼 business

trump media & technology group (tmtg) launched truth api, a paid data feed giving wall street firms 'milliseconds' access to posts from the most influential truth social accounts. trump's own statements on trade wars and military wars can shift markets within seconds, so the service targets high-frequency and algorithmic traders who profit from speed.

according to the financial times, customers could be charged up to $100,000 a month, though tmtg hasn't confirmed that. the company says it expects the service to create steady revenue, as tmtg is currently loss-making. politicians including senators elizabeth warren and adam schiff have asked the sec to investigate whether the service breaks the law, raising insider trading concerns. tmtg denies this, arguing the information is public.

trump owns about 41% of tmtg through a trust his children oversee, meaning he stands to profit directly from the service. critics call it an abuse of the presidency; others note similar data feeds from news organisations and exchanges already exist.

why it matters: fast access to trump's posts could give high-frequency traders an edge, raising insider trading concerns and potential profit for the president.

source: bbc_business
sentiment: -0.20 · impact: 0.40

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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects