New filings revealed on Tuesday show that President Donald Trump’s Truth Social platform is profiting heavily off pay-to-play media access, with Wall Street firms cashing in on advance access to the president’s social media posts.
Truth Social has long been the principal outlet that Trump uses to make his personal announcements of everything from new off-the-cuff policies to endorsements to his personal grievances with politicians, all of which have the potential to move financial markets.
Commenters on social media were aghast at the figures — with many speculating all of this could be outright illegal and facilitating insider trading.
“This has got to be an outright [Securities and Exchange Commission] violation, no?” wrote Heather Timmons, a consumer rights policy reporter for The Guardian.
“So many reasons to impeach him,” wrote Mehdi Hasan, the founder of Zeteo News.
“Meanwhile, Truth Social had just 11.8 million visits last month, which was a 39% year-over-year drop and the sixth straight month has declined,” wrote Zeteo reporter Justin Baragona.
“The asking price for early access to Trump’s posts is $100,000/month,” wrote Jared Holt, a senior researcher at Open Measure. “In theory, that could mean there’s (sic) as few as three customers propping up Trump Media (though I’d be surprised if they’re actually managing to close many deals at that price).”
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