Donald Trump is charging subscribers £74,000 a month for early access to his unhinged late-night social media rants, sparking outrage over alleged market abuse
Donald Trump is flogging VIP access to his wild social media rants – charging a staggering £74,000 a month to read his late-night meltdowns first. Critics have accused the US president of an abuse of power over the move, claiming that its lets wealthy insiders profit while lining Trump’s own pockets.
Trump Media officially announced its high-priced data service on Saturday. The mega-bucks subscription gives deep-pocketed clients direct, real-time access to Truth Social posts from Trump and his famous pals before the general public gets a look in.
The system, dubbed the “Truth API”, is designed to feed subscribers “a direct, licensed, real-time feed of the platform’s most market-moving Truths“, according to interim boss Kevin McGurn.
But getting the jump on Trump’s sudden rants doesn’t come cheap, with trading firms and other customers asked to fork out up to $100,000 (£74,000) every month.
While other sites sell data, Truth Social stands out as its biggest draw is Trump himself. Because he owns the lion’s share of the company, the VIP subscriptions could see him personally benefit from the service.
Although official announcements avoid naming him, the @realDonaldTrump account, boasting 13 million followers, is the site’s main attraction.
Trump routinely drops huge policy bombshells on the app, sending global markets into turmoil with sudden outbursts over trade tariffs and foreign wars like the conflict in Iran. The pricey deal has triggered furious accusations of market manipulation.
Top US politicians Elizabeth Warren and Adam Schiff have even written to watchdogs at the United States Securities and Exchange Commission, asking them to investigate if Trump’s company is breaking the law.
The lawmakers said: “This appears to be an outrageous abuse of the President’s office for his personal benefit that undermines everyday investors and the integrity of our markets, while enriching Wall Street and other wealthy insiders.”
Investors are quaking over Trump’s online antics. Last year, as panic over a potential “Trumpcession” caused global stock markets to crash, the president fired off a bonkers 100-plus posts in just 24 hours.
His tirades over Iran have also spooked traders, who fear soaring oil prices could send inflation through the roof.
Trump Media’s stock price has taken a beating, plummeting more than 70 per cent since he retook office and wiping out roughly $6billion (£4.4bn) in value.
But despite normal investors taking a bath, and billions lost on his family’s crypto ventures, official documents show Trump still raked in $1bn in revenue from the same companies last year.