Trump Media CEO Defends Truth API: Will Scrutiny Slow Sign-Ups?
Trump Media's interim CEO, Kevin McGurn, defended the company's Truth API service on CNBC Monday. He said customer sign-ups have grown to the mid-teens since the product launched on August 1.
Truth API sells high-frequency trading firms early access to President Donald Trump's Truth Social posts. Critics say the arrangement lets paying customers trade on the president's statements before the public sees them.
Sign-Ups Grow For Trump's Signals
McGurn told CNBC's Squawk Box that demand for the service came directly from the market, not from the company itself. He compared it to APIs long used by social platforms to feed trading firms, news outlets, and prediction markets.
"We're getting into the mid-teens now, and we're climbing."
Kevin McGurn, CNBC
That is up from the more than 10 customer agreements McGurn cited on Trump Media's earnings call two weeks earlier. Truth API costs up to $100,000 per month.
Congress Looking Into It
The service has drawn scrutiny from Congress and faces at least one lawsuit alleging it is unconstitutional. One federal complaint argues Trump cannot sell early access to posts the public effectively owns.
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