On August 1 (local time), the Associated Press broke the news that Truth Social, the social media platform under the ownership of former U.S. President Donald Trump, had unveiled a high-speed information service dubbed 'Truth API' on the very same day. This service levies charges on Wall Street trading firms for swift access to Trump's social media posts, igniting apprehensions over potential insider trading, conflicts of interest, and the exploitation of public office for personal enrichment. Reportedly, Truth API commands a substantial monthly fee of $100,000, with high-frequency trading firms being its primary target audience. Given Trump's propensity for unveiling significant policy declarations concerning tariffs, wars, and shifts in central bank leadership via Truth Social, these posts frequently precipitate swift fluctuations in stock, bond, currency, and commodity prices. Critics highlight that although Trump's posts are, in theory, disseminated to the public concurrently, paying clients might still secure an unjust edge by reacting ahead of ordinary investors through speedier data interfaces and automated trading systems. Furthermore, Trump has lately been frequently mentioning publicly traded companies on social media. For instance, in April, following his commendation of Palantir Technologies, the company's stock price soared; subsequently, he lauded Intel for its 'exceptional performance,' prompting an immediate uptick in Intel's stock price during after-hours trading.
