Reuters: Bloomberg, trading firms to pay Trump for faster Truth Social access
Truth Social, the social media platform founded by President Donald Trump, has signed up news and data provider Bloomberg and two Wall Street firms for faster access to the president’s posts, which it sells for up to $100,000 a month, according to people with direct knowledge of the matter, Reuters reports, citing sources directly familiar with the matter.
While Truth Social’s pay-for-access plan ventures into untested legal territory, Intercept Media and the Freedom of the Press Foundation sued Trump in August, seeking to block the White House from posting official government announcements exclusively on Truth Social while the paid feed exists. The suit, which is ongoing, alleges that erecting a financial barrier to government information is potentially unconstitutional and favors wealthy Wall Street firms.
In a statement, Trump Media said: “Truth Social offers an industry-standard API product for which there is significant demand across industries. We take customer confidentiality seriously. This reporting is based on misleading information being peddled by anonymous sources aimed at harming our company, customers and shareholders.”
The president’s family trust owns 41% of Trump Media, opens new tab, and Trump is the trust’s sole beneficiary, opens new tab.
Shares of the company have fallen more than 50% so far this year. The market value of Trump Media has been volatile since it went public; it closed at about $8 billion in its March 2024 debut, but is now worth about $1.8 billion. The company has lost about $1.76 billion since 2024, including non-cash charges.
Trump Media’s Securities and Exchange Commission filings, opens new tab listTrump, Jr., as the trustee of the family trust, with sole voting and investment power.
White House spokesman Davis Ingle said neither Trump nor his family is directly involved in any portfolio investment decisions but did not address the allegations that the president was improperly using his office.
