By Deborah Mary Sophia
July 16 (Reuters) - Trump Media & Technology Group has unveiled a paid-for, licensed data feed that will give banks and trading firms "the fastest" access to posts from influential Truth Social accounts, such as President Donald Trump's, whose posts often move global markets.
The product, called 'Truth API', will deliver posts from the 10 most influential accounts to customers at a significantly faster pace than a regular push notification on the Truth Social platform, a spokesperson
said.
The feed is designed for organizations "most impacted by the cost of a delay in information", such as algorithmic trading firms, the company said in a statement. "Until now... firms that prioritize tracking influential Truth posts have relied on manual monitoring. Truth API closes the gap."
The move is TMTG's first step into data-licensing, and opens up a new revenue stream for the company, which has faced challenges in scaling its media business amid stiff competition from larger social media firms.
"Markets already move on Truth Social posts ... As adoption grows, we expect Truth API to become a meaningful, ongoing source of revenue for the company," TMTG's interim CEO Kevin McGurn said.
Trump has made several announcements through his Truth Social handle that have jolted markets worldwide, including his "Liberation Day" tariffs and posts regarding trade restrictions on China, making the platform a crucial feed for traders, businesses and financial institutions.
The product will provide round-the-clock coverage of influential posts and include an archive of posts dating back to 2022. The company said it has already signed up customers ahead of the August 1 launch.
Firms have been scraping Truth Social data for months, in violation of TMTG's terms of service, according to a spokesperson.
"We're going to create a lot of friction for those folks that aren't coming to us directly," McGurn said in a statement.
(Reporting by Deborah Sophia in Bengaluru; Editing by Shilpi Majumdar and Shinjini Ganguli)
