Donald Trump's single statement can have the power to shake global economic markets instantly. Seizing this opportunity, Trump Media (TMTG), the company he owns, has launched a new service called Truth API. This service gives high-profile accounts the privilege to read posts from major accounts milliseconds before ordinary people, and can charge up to $100,000 per month. This revenue-generating plan for the struggling company is specifically targeted at major Wall Street trading firms that conduct buy-sell transactions simultaneously.
However, ethical and legal questions have been raised regarding this practice of selling advance news. Legal experts warn that selling advance information related to U.S. government policies and military affairs for a fee could violate insider trading laws. Democratic members of Congress have formally requested the U.S. Securities and Exchange Commission (SEC) to investigate the matter promptly.
Regarding the criticism, TMTG has responded strongly. The company says critics are either opposed to the concept of a free market or do not understand the difference between public knowledge and non-public information. Currently, the identities of those who have purchased this service remain secret. However, market experts assess that this service is not at all for ordinary investors, but rather a specialized field of interest only for large technology-driven trading companies that operate at high speeds and high frequency.
Ref: BBC
