Trump Media Technology Group (TMTG) has launched a new paid product called Truth API. It gives banks, trading houses and other financial companies faster access to posts truth society. The company said the Truth API is its first data licensing product and marks its entry into a new business of making money by selling access to data on its platform.
TMTG said the service will give customers the fastest access to posts from the platform’s most influential accounts, faster than regular Truth Social push notifications. At launch, the Truth API will provide live posts from the 10 most influential Truth Social accounts.
TMTG said the service is primarily aimed at organizations that would suffer losses if they receive important information late, even by a few seconds, such as algorithmic trading firms. The company said many companies currently rely on manual monitoring of Truth Social posts. Truth API purportedly eliminates this delay by sending posts immediately.
Truth Social Market Impact
According to Reuters, TMTG interim CEO Kevin McGurn said that financial markets have reacted to Truth Social’s posts, and as more customers join, the company expects the Truth API to become a stable source of revenue. President Donald Trump’s posts on Truth Social often move global financial markets as he announces major policy decisions on the platform.
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The Truth API will run 24 hours a day, 7 days a week, giving subscribers continuous access to important posts. The service will also include an archive of Truth Social posts dating back to 2022, allowing customers to search older posts. TMTG stated that before the official launch of Truth API on August 1, it had already signed up customers.
Truth API Client
Kevin McGurn told Axios that clients that have already signed up include financial news organizations and high-frequency trading firms. He did not reveal their names. Top-level accounts available through the Truth API include president donald trump (@realDonaldTrump), the White House, FBI Director Kash Patel, White House Deputy Chief of Staff Dan Scavino and Health and Human Services Secretary Robert F. Kennedy Jr. McGurn said the API may later be expanded to offer more Truth Social accounts to customers willing to pay higher fees.
TMTG said that many companies have been scraping Truth Social data for months instead of using the official service, despite this violating the platform’s terms of service. McGurn said the company plans to make it more difficult for companies that continue to scrape data rather than purchase official access through the Truth API. He also said that, as Axios points out, the official API will be faster and more reliable than data collected through scraping.
TMTG business growth
Reuters said the launch provides a new revenue stream for TMTG as it tries to expand beyond its media business, where it faces stiff competition from larger social media platforms. Axios said TMTG will initially make money primarily through advertising on Truth Social after it goes public in 2024. The company has since expanded into subscriptions, streaming via Truth+, financial services, and Bitcoin-related businesses.
McGurn said licensing Truth Social’s data could become an important long-term business for the company. He said TMTG is also in talks to license Truth Social data to Artificial Intelligence (AI) Companies According to Axios, it can be used to train large language models. McGurn noted that other social media platforms, including X and Reddit, already make money by licensing their platform data to corporate customers.
