Trump facing calls of corruption after subscribers offered early access to online posts for $100k per month
Paying subscribers can gain early access to his Truth Social posts, with claims the move could trigger mass market manipulation
Donald Trump is facing calls of corruption after his media company announced the rollout of paid early access to his Truth Social posts, including those which could impact the markets and national security.
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The move, which has been seen as corruption benefiting a sitting president, would see a new subscription-based data service allow paying customers faster real-time access to the president's Truth Social posts, as well as content from other high-profile accounts.
Dubbed Truth API, the programming interface claims to provide businesses with “a direct, licensed, real-time feed of the platform’s most market-moving Truths”, according to interim CEO Kevin McGurn.
Trading firms and other paying subscribers can use the system to access posts earlier than other users for a fee of up to $100,000 per month.
As a result, subscribers are expected to profit from subsequent market fluctuations in stocks, bonds and interest rates.
The new system emerges after a series of ventures by the Trump family company, with critics arguing they are exploiting the president's public office for personal gain.
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Although similar paid access options exist on competing platforms, Donald Trump is Truth Social's most prominent poster and the biggest shareholder in the publicly traded parent company, which is also thought to be demanding a considerably higher premium for access.
As a result, the president stands to benefit directly from the service - a move Kathleen Clark of Washington University School of Law has criticised as "brazen corruption".
“He’s selling expedited, privileged access to information about what he is doing as president,” the expert in government conflicts of interest added.
“It’s yet more brazen corruption, an improper exploitation of government power to enrich himself.”
Clarke added that while conflict of interest laws bar U.S. government officials from owning a company that profits off their office by selling access to their decisions through public posts, the president and vice-president are excluded from the provision.
Despite that, all presidents since the law was passed have acted in accordance with the legislation — dumping business holdings, putting their financial assets in a blind trust, and selling individual stocks that might cause a conflict of interest.
President Trump has refused to comply with such practice.
The announcement follows months of Trump announcements on major decisions, as well as and musings, on his platform - including posts about the Iran war, tariffs and the U.S. Immigration and Customs Enforcement crackdown in U.S. cities.
Critics say the subscription constitutes market manipulation and insider trading by revealing significant policy moves ahead of time.
Last year, Trump published more than 100 Truth Social posts in a single day while global stock markets tumbled, with significant concern rising over a “Trumpcession” in the US.