Cheng Xin | Getty Images News | Getty Images
Trump Media and Technology Group‘s new paid data service launched on Aug. 1, providing faster access to Truth Social posts from President Donald Trump and other top accounts on the platform.
“Truth API,” the new application programming interface, is designed to give firms “a direct, licensed, real-time feed of the platform’s most market-moving Truths,” interim CEO Kevin McGurn said in a release announcing the launch.
While not explicitly naming Trump, the president’s @realDonaldTrump account is the largest on Truth Social by far, often posting his most consequential policy decisions there first, including updates on the war with Iran.
As of Saturday, the account has 13 million followers.
Trump’s family is also the largest shareholder in Trump Media, the public company that operates Truth Social.
The launch comes after Democratic Sens. Adam Schiff of California and Elizabeth Warren of Massachusetts took aim at the new service, urging the Securities and Exchange Commission on Wednesday to investigate whether the company is violating the law.
“This appears to be an outrageous abuse of the President’s office for his personal benefit that undermines everyday investors and the integrity of our markets, while enriching Wall Street and other wealthy insiders,” they wrote in a letter to SEC chair Paul Atkins dated Tuesday.
The SEC declined to comment on the letter to CNBC.
“Markets already move on Truth Social posts,” Truth Media’s McGurn wrote at the time of the announcement. “Truth API delivers a direct, licensed, real-time feed of the platform’s most market-moving Truths while advancing our strategy to monetize proprietary assets through a high-margin, recurring revenue stream.”
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