By Daily Mail (U.S.) | Created at 2026-08-05 03:45:17 | Updated at 2026-08-06 02:51:35
1 day ago
Donald Trump's latest money-making scheme is now facing legislation to quash it.
The Trump Media and Technology Group, the company that owns Truth Social, has begun selling priority access to the President's posts.
Senator Alex Padilla, a California Democrat, introduced a bill on Tuesday to stop it.
With the new data feed 'Truth API', investors and firms can pay a monthly subscription fee to get posts from notable Truth Social users in real time.
The President's tendency to use Truth Social for major updates about military actions, ongoing conflicts, tariffs, and the like means that his posts hold tremendous influence on stock market fluctuations.
Subscribers to the API might only gain milliseconds on the general public, but that could still be enough to make consequential financial decisions.
It is not known how expensive the subscription is, but reportedly the Trump Media and Technology Group, the company that owns Truth Social, had suggested a monthly fee of up to $100,000.
'People will pay because they have to,' a hedge fund boss told the Financial Times last month. 'If you're behind on that news, you'll get crushed.'
Padilla, a staunch Trump opponent, speaks during a Senate Appropriations Committee hearing on July 21
Trump, who is the richest President in US history, speaks during a meeting in the Oval Office on August 3
Padilla's 'Stop Corrupt Trading Act' would prevent companies affiliated with either the President or the Vice President - even through family members - from monetizing information that is not available to the general public.
'Trump is the most corrupt president in history,' Padilla said in a press release, blasting the President for seeking to enrich himself while many Americans struggle financially.
Senators Richard Blumenthal, Jeff Merkley, Gary Peters, and Sheldon Whitehouse joined Padilla in sponsoring the bill, while Representative Andrea Salinas planned a companion bill in the House.
The legislation has little chance to gain traction unless Democrats retake both congressional chambers in November.
Still, even several Republican senators have cast aspersions at the Truth API, suggesting it has negative ethical implications.
Conservative outlet the Washington Examiner published an op-ed calling on Trump to 'pull the plug' on the API.
Trump's 2025 financial disclosure showed him owning just over 40 percent of TMGT, meaning he has significant interest in the company performing well.
The President and his family have also been criticized for their cryptocurrency earnings, though they have never been accused of any financial crimes.
Neither the TMTG nor the White House immediately responded to the Daily Mail's request for comment.
