(This July 17 story has been corrected to fix Donald Sherman’s quote to say ‘wildly,’ not ‘widely,’ in paragraph 16)
Donald Trump’s social media company has discussed charging Wall Street traders and investment firms as much as $100,000 a month for faster access to the U.S. president’s posts on his Truth Social platform, according to people familiar with the matter.
Trump Media & Technology Group (DJT.O), which owns Truth Social, has in recent weeks also pitched a discounted plan of $60,000 per month if the firms sign up for a three-year plan, the sources said, requesting anonymity as the discussions are confidential.
TMTG on Thursday unveiled a paid-for, licensed data feed called “Truth API” to provide banks and trading firms the fastest access to posts from the 10 most influential Truth Social accounts, but did not give any pricing details.
The move would be the company’s first step into data licensing, opening up a new revenue stream, although it drew immediate criticism from Democrats.
U.S. Senator Ron Wyden of Oregon, the highest-ranking Democrat on the Senate Finance Committee, said it would financially benefit the Trump family and “make Wall Street traders rich.”
The White House referred questions on Wyden’s remarks to TMTG, which did not immediately respond to a request for comment.