President Trump's media company Monday said more than 10 customers have signed up to a real-time feed of top Truth Social accounts, a product that has drawn criticism that the first family is mixing its business interests and White House affairs.
Trump Media & Technology Group has marketed Truth API as faster access to posts from top accounts on Truth Social, where the president routinely shares updates about trade deals, the Iran war and more.
In Trump Media's first-ever earnings call on Monday, Interim Chief Executive Kevin McGurn said the early sign-ups comprised primarily high-frequency trading firms paying between $60,000 and $100,000 a month. McGurn said the company is in "active" conversations with other potential customers, such as artificial-intelligence hyperscalers, and is eyeing an eventual push toward retail traders.
"Today, we're in the early innings," he said.
Government watchdogs and congressional Democrats have criticized the service, arguing that the president is selling investors access to market-moving information. In a letter to McGurn on July 30, Rep. Jamie Raskin (D., Md.) demanded that Trump Media hand over information including the names of subscribers.
Truth API provides customers with machine-readable feeds from popular accounts within milliseconds, McGurn said Monday, giving customers "fractionally faster" access to public information. "The criticism is misinformed," McGurn said.
Even as the Iran war this year has boosted the importance of the president's Truth Social account, where individual posts have sent oil markets into wild swings, Trump Media has languished.
The company on Monday reported $238 million in net losses on $1.7 million in revenue in its second quarter, due in large part to poorly timed bets on bitcoin. Last week, Trump Media also unwound deals with Crypto.com to launch a prediction-market feature on Truth Social and create a stand-alone digital-asset treasury.
The company is still working to close a proposed merger with nuclear fusion company TAE Technologies. Although the original announcement of the deal projected it would close in the second quarter of this year, Trump Media has yet to file the relevant paperwork. On Monday, McGurn said his team aims to close the deal by the end of the year.
The search for a business strategy has left the company's shares tumbling since it went public in 2024, slashing the value of President Trump's roughly 41% stake held in his trust. After a rally in recent weeks pushed Trump Media stock near levels last seen before the fusion deal was announced, shares slid 8% Monday.
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