Trump Media & Technology Group has found a new way to monetize the former president’s social media posts. And two US senators would very much like the SEC to take a closer look at it.

Senators Elizabeth Warren and Adam Schiff sent a formal request to SEC Chairman Paul Atkins on July 28, asking the agency to investigate TMTG’s newly launched “Truth API” fast feed. The service reportedly delivers posts from Truth Social’s most followed accounts, including Donald Trump’s, to institutional trading firms in milliseconds after they go live. The price tag: roughly $100,000 per month.

The speed advantage Wall Street is paying for

The Truth API targets the top 10 accounts on Truth Social, with Trump’s account and its approximately 13 million followers being the obvious marquee attraction. Trading firms subscribing to the service receive content essentially the moment it’s published, giving them a structural speed advantage over retail investors refreshing their phones.

Warren and Schiff argue this creates a textbook case of information asymmetry. Not insider trading in the traditional sense, since the posts are technically public, but a pay-to-play speed advantage that effectively walls off retail investors from competing on equal footing.

Trump’s 41% stake makes this complicated

Trump controls roughly 41% of TMTG through a family trust. That means every dollar the Truth API generates flows, at least partially, back to a man whose posts are the product being sold.

TMTG went public through a SPAC merger in 2024, and its business model has always been inextricably linked to Trump’s content. The stock trades under the ticker DJT on NASDAQ and has been one of the most volatile names in the market, with price swings closely tied to Trump-related news cycles and company operational updates.

The Truth API represents a significant evolution in that business model. TMTG isn’t just hosting Trump’s posts anymore. It’s packaging the speed at which institutions can access those posts as a premium financial product, shifting the company toward something closer to a financial data vendor, a category that carries its own regulatory baggage.

The regulatory gray zone

The legal terrain here is genuinely uncharted. Traditional insider trading rules focus on material non-public information. The Truth API doesn’t provide posts before they’re published, it provides them faster after publication. That distinction matters legally, even if it feels like splitting hairs practically.

The SEC under Chairman Atkins has generally taken a lighter regulatory touch compared to the prior Gensler era. Whether the agency acts on Warren and Schiff’s request remains an open question, particularly given the political dynamics involved in investigating a company so closely tied to a former president.

What this means for investors

For TMTG shareholders, the Truth API represents a genuine revenue stream for a company that has struggled to generate meaningful income relative to its market capitalization. But regulatory risk cuts the other way. An SEC investigation, even one that ultimately finds no wrongdoing, introduces uncertainty that DJT’s already volatile stock doesn’t need.

Investors should also monitor how the SEC responds to the Warren-Schiff letter as a signal for broader regulatory appetite. If Atkins opens a formal investigation, it suggests the agency sees social media data feeds as falling within its jurisdiction. If the SEC declines to act, it effectively green-lights an entirely new category of information advantage that retail investors have no realistic way to match.