"Priority access" to Trump posts offered for sale for $100,000 per month
Xinhua News Agency reported on July 18 that people familiar with the matter revealed that Trump Media Technology Group is negotiating to sell application programming interfaces (APIs) to Wall Street financial institutions, and plans to charge a monthly fee of US$100,000, allowing these institutions to learn about the posts of US President Trump and others on the "Real Social" platform milliseconds before the public. The move drew criticism from Democrats who said it would benefit the Trump family. "Real Social" is an asset of the Trump Media Technology Group, controlled by the Trump family. The platform announced the above-mentioned sales plan on the 16th, aiming to provide target customers with the fastest access to posts from its 10 most influential accounts, but did not announce specific charging standards. The British "Financial Times" reported on the 17th, citing sources, that Trump Media Technology Group quoted a monthly fee of US$100,000 when negotiating with potential buyers of a new product called "Real" API. According to Reuters, the company also introduced a discount plan. If the company signs a three-year contract, the monthly fee can be reduced to US$60,000. The “real” API is expected to be officially released in August, mainly for high-frequency trading and algorithmic trading institutions. Kevin McGurn, interim CEO of Trump Media Technology Group, said selling near-instant access to the president’s posts will advance the group’s strategy of “monetizing its own assets.” Trump has about 12.9 million followers on Real Social, and his posts on the platform often stir up the market. Trump sometimes posts more than 100 posts a day on the platform, and his previous posts on topics such as the Iran war, tariffs and the Federal Reserve have repeatedly caused shocks in financial markets. In March of this year, 15 minutes before Trump announced via "Real Social Network" that negotiations with Iran were "fruitful", traders invested $500 million in "bets" in the oil market. The post subsequently caused crude oil prices to plummet and triggered price swings in other assets. According to Reuters, in addition to Trump himself, the most followed accounts on "Real Social" also include his eldest son Donald Trump Jr., second son Eric Trump, as well as well-known Trump supporters such as Dan Bongino and Sean Hannity. The plan to sell "priority access" has prompted Democrats and other critics to question whether Trump and his family are profiting from it. Sen. Ron Wyden, D-Ore., said it would benefit the Trump family financially and "enrich Wall Street traders." Elizabeth Warren, a Democratic member of the Senate Banking Committee, called this "a vile plan to use the presidency to make profits and enrich Wall Street without benefiting the American people." "It's disgusting to sell access to the highest bidder on Wall Street," said Dylan Hedler-Gaudet, an expert on federal ethics rules at the group that oversees U.S. government programs. "Every word he (Trump) says has a market impact." The Washington Post reported that other social media platforms also provide similar API services, but Real Social is in a special situation because its most influential account holder is both a major shareholder and the current president of the United States. U.S. presidents typically divest assets that could create conflicts of interest before taking office. However, since Trump started his second presidential term, he has not only retained his shares in Trump Media Technology Group, but also invested heavily in cryptocurrency and real estate. According to statistics, Trump has accumulated huge wealth since returning to the White House, with income exceeding US$2.2 billion last year. According to a report by the Associated Press on the 17th, the White House stated that relevant questions should be answered by Trump Media Technology Group, but the company has not responded yet. The Trump Organization, the Trump family company, declined to comment. Trump himself has repeatedly denied using the presidency for personal gain. The White House has repeatedly stated that Trump has placed his business in a trust managed by his son and that Trump "acts only in the best interests of the American public" and "does not have any conflicts of interest."