Wall Street Execs Shun Trump’s $100,000 Truth API as Insider Trading Fears Mount
Updated
Updated · The Daily Beast · Aug 2
Wall Street Execs Shun Trump’s $100,000 Truth API as Insider Trading Fears Mount
3 articles · Updated · The Daily Beast · Aug 2
Summary
$100,000-a-month access to Trump’s Truth API is prompting finance executives to steer clear, fearing subscribers could trade on his market-moving posts before the public sees them.
Truth Social says the service delivers the fastest feed of publicly available posts, but a former SEC official told NPR the arrangement appears to conflict with insider-trading rules and the 2012 STOCK Act.
Trump Media stands to benefit directly because Trump is its largest shareholder through a trust controlled by Donald Trump Jr., sharpening concerns that he is monetizing the presidency.
Senate Democrats, including Adam Schiff and Elizabeth Warren, have asked the SEC to investigate, arguing the offering could enrich wealthy insiders while undermining market integrity.