Senate Minority Leader Chuck Schumer (D-N.Y.) took a sharp jab at President Donald Trump on Monday over reports that trading firms are paying for early access to his Truth Social posts. Schumer argued that if a private company executive did the same thing, they'd be looking at serious legal trouble.
"If this were the CEO of a private company, they could face jail time," Schumer wrote on X, sharing a post from FactPost that alleged Trump is selling early access to his Truth Social feed for up to $100,000 a month.
He added, "But for Trump? Just another Monday."
Schumer didn't stop there. "He is the most corrupt president in our nation's history," he said. "Democrats will hold him accountable for this and so much more."
Truth Social Data Access Debate
The controversy stems from a new premium data service launched Saturday by Trump Media & Technology Group (NASDAQ: DJT), the parent company of Truth Social. The service, called "Truth API," offers businesses a licensed, real-time feed of posts from prominent Truth Social accounts.
Interim CEO Kevin McGurn described the service as providing companies with "a direct, licensed, real-time feed of the platform's most market-moving Truths."
While Trump Media didn't specifically name Trump, his @realDonaldTrump account is the platform's biggest, with around 13 million followers. Trump has frequently used Truth Social to announce major policy decisions and weigh in on geopolitical developments, making his posts potentially market-moving.
Critics are worried that paying customers could get this information before the general public, creating an uneven playing field. The scrutiny also shines a light on the fact that Trump's family is the largest shareholder in Trump Media.
Truth Social API Faces Backlash
This isn't the first time the Truth API has drawn fire. Last month, Sen. Adam Schiff (D-Calif.) and others raised concerns about the service. Schiff argued that Trump could personally benefit from selling early access to potentially market-moving posts, calling it a conflict of interest given his ownership stake in Truth Social.
Schiff noted that investors could pay for a competitive advantage by receiving posts before the broader public.
Economist Peter Schiff also weighed in, saying the service reflects "Trump's unprecedented exploitation of the presidency for personal financial gain."
Political commentator Ed Krassenstein warned that hedge funds and algorithmic traders could react to market-moving posts before regular users. Former White House communications director Anthony Scaramucci called the initiative a potential unfair advantage for institutional investors over retail traders.
The debate highlights a broader tension: when does providing data cross the line into giving some investors an edge? For now, the answer seems to be, "it depends on who's selling."
