Donald Trump's media company plans to launch a service that allows Wall Street traders to access certain posts on its Truth Social platform milliseconds before the general public. The service, named Truth PSI, is expected to be available next month and aims to monetize posts from high-ranking accounts, including potentially Trump himself, who has 12.9 million followers on the platform. The announcement was made in a press release on Thursday, which did not specify the size of the new business but indicated that it could become a significant revenue source for the company.
Key Details
Critics have raised ethical concerns about the service. Dylan Hedler-Gaudette, an expert on federal ethics rules, described the initiative as "odious," arguing that selling access to privileged information undermines public trust. He noted that Trump's posts often have immediate market implications, causing stock prices to fluctuate rapidly. The company’s CEO, Kevin McGurn, expressed optimism about the service, stating it is part of a strategy to "monetize proprietary assets."
Background
The planned service targets high-frequency traders who capitalize on market movements. By providing them with early access to Trump's posts, the company aims to attract major financial institutions looking to gain an edge in trading. This development marks a notable shift in how political communication could intersect with financial markets, as traditionally, such announcements have been considered public information available to all at the same time.
The early access service could lead to increased volatility in stocks and other financial instruments tied to Trump's communications, particularly among high-frequency trading firms. Investors may react quickly to news from the platform, impacting market prices in real-time. Watch for the official launch of Truth PSI next month, which will clarify its operational details and potential market effects.