Wall Street banks reject TMTG's Trump data feed
Major US banks are ignoring a Trump Media & Technology Group data feed offering early access to the president's posts after a senior senator warned the product creates an improper information asymmetry for government policy.
Senator Mark Warner has urged major US financial trade groups to reject a new subscription product from Trump Media & Technology Group that offers banks early access to President Donald Trump's posts. Despite the acknowledged market-moving value of the president's social media output, major financial institutions have shown little interest in acquiring the feed.
The product, known as Truth API, promises subscribers the fastest delivery of posts from Truth Social’s ten most influential accounts. TMTG has pitched the service to Wall Street traders and investment firms at rates as high as $100,000 a month. The company has also offered a discounted rate of $60,000 a month for firms willing to sign three-year contracts.
However, sources at two large banks indicated their institutions are not currently considering purchasing the API. One source, speaking on the condition of anonymity, noted that paying for faster access to a government official discussing policy presents a distinct political risk compared to purchasing standard market or trading data.
In a letter sent to the heads of six major financial industry groups, Warner argued that the arrangement allows the president to monetize government announcements. "I urge you to make clear that the financial services industry will not legitimize an arrangement that sells privileged access to market-moving presidential communications, especially for the president’s personal financial benefit," wrote Warner, a senior Democrat on both the Intelligence and Banking committees.
The potential for personal profit is substantial given TMTG's ownership structure. A revocable trust overseen by Trump's children holds roughly 114.75 million shares in the company, representing about 41 percent of all outstanding stock.
Spokespeople for the six trade groups—including the Securities Industry and Financial Markets Association and the American Bankers Association—did not respond to requests for comment. The White House referred questions to TMTG, which also did not respond.
While technology platforms generally face no legal barriers to selling expedited data to clients, ethics experts note this situation is highly unusual. The distinction lies in the fact that a sitting president's posts routinely constitute official government information that dictates global market direction, creating what Warner termed a "very troubling form of information asymmetry."
