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Trump Media’s Truth API charges Wall Street firms up to $100,000 monthly
Truth API, launched in early August, is designed to give traders earlier access to high impact posts and supports a new revenue stream as Trump Media reported a $238 million second quarter loss.
More than 10 customers have signed up for Trump Media’s Truth API, a service launched at the beginning of August that provides faster access to market moving posts from Truth Social’s most influential accounts, according to BBC Business.
The earliest subscribers are mostly high frequency trading firms, and interim CEO Kevin McGurn said they are being charged between $60,000 and $100,000 a month for the faster feed during an earnings call.
Trump Media reported a loss of $238 million between April and June, more than 10 times the loss reported in the same period a year earlier. The company said it expects the new service to provide a new revenue stream, which management believes could become meaningful and durable.
BBC Business also notes the quarter included revenue of $1.7 million, up 89% year over year, while the company cited broader losses tied to its cryptocurrency holdings. Trump Media said it is expanding into areas including cryptocurrencies and other ventures beyond its core social media mission.