🚨Nonprofit Sues Trump Over Truth Social's $100K/Month 'Truth API'
High-Frequency Traders Paying Up To $100k Monthly For Early Access
TL;DR
A nonprofit has sued President Trump over Truth Social’s 'Truth API,' which sells real-time access to posts from Trump and other top users for up to $100k/month. The lawsuit claims this is unconstitutional.
Nonprofit news group sues President Trump over Truth Social's 'Truth API' that charges high-frequency trading firms up to $100,000 monthly for early access to posts that can impact financial markets. This move restricts public access to government information and could give an unfair advantage in the market. The lawsuit seeks an injunction against posting official info exclusively on Truth Social while maintaining a paid API. Over 10 customers have signed up, with plans to offer this service to retail investors.
Key Points
A nonprofit sued President Trump over Truth Social’s 'Truth API' that sells real-time access to posts for up to $100,000 monthly.
The lawsuit claims posting official government info exclusively on Truth Social while charging for fast access is unconstitutional and unlawful.
Over 10 high-frequency trading firms have signed up for the service, paying between $60k-$100k per month.
Truth Social reported $1.7 million in revenue but a net loss of $238.1 million in Q2, with $190.4M in non-cash losses.
The lawsuit seeks an injunction prohibiting the president and aides from posting official info exclusively on Truth Social.
Why It Matters
High-frequency trading firms are paying up to $100k/month for early access to posts that can impact financial markets through Truth Social's 'Truth API.' This move restricts public access to government information, potentially giving an unfair advantage in the market. The lawsuit challenges whether this is constitutional and lawful.
Frequently Asked Questions
Why does this matter?
High-frequency trading firms are paying up to $100k/month for early access to posts that can impact financial markets through Truth Social's 'Truth API.' This move restricts public access to government information, potentially giving an unfair advantage in the market. The lawsuit challenges whether this is constitutional and lawful.
What happened?
A nonprofit has sued President Trump over Truth Social’s 'Truth API,' which sells real-time access to posts from Trump and other top users for up to $100k/month. The lawsuit claims this is unconstitutional.
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