- The Intercept and Freedom of the Press Foundation filed suit in Manhattan federal court on 12 August, calling Truth API “extraordinary, corrupt, and unconstitutional” and asking a judge to shut it down.
- Access costs US$100,000 (AU$141,000) a month, or US$60,000 (AU$84,600) on a three-year commitment, and Trump Media says more than ten customers have signed.
- Interim CEO Kevin McGurn told the 10 August earnings call the company is exploring licensing the feed to prediction-market operators.
Two news organisations sued President Donald Trump and two White House officials on 12 August over Truth API, the paid feed that pushes his Truth Social posts to subscribers faster than the general public receives them.
The Intercept Media and Freedom of the Press Foundation brought the case in the US District Court for the Southern District of New York, docketed as 1:26-cv-6867.
The complaint also names Executive Assistant to the President Natalie J. Harp, White House Deputy Chief of Staff Daniel Scavino, the Executive Office of the President and the White House Office, all sued in their official capacities.
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It argues the arrangement breaches the First Amendment right of equal access to public information and the Fifth Amendment bar on unreasonable charges for a government benefit, and it asks the court to declare the practice unlawful and stop it.
Trump Media launched Truth API on 1 August. Access runs to US$100,000 (AU$141,000) a month, or US$60,000 (AU$84,600) for subscribers who commit to three years, and the feed carries the platform’s ten most popular accounts.
The complaint names eight of them, among them @realDonaldTrump, @WhiteHouse, @JDVance1 and @DanScavino.
Direct customers are primarily high-frequency trading firms that ingest the posts to inform algorithmic trading, interim Chief Executive Officer Kevin McGurn said in an Axios interview Trump Media filed with the SEC.
He put the customer count at about ten, up from about five. “Markets already move on Truth Social posts,” McGurn stated when the product was announced in July, describing a “high-margin, recurring revenue stream.”
Prediction Markets Come Next
McGurn told the 10 August earnings call that Trump Media is weighing licensing the data to prediction-market operators and to large language model developers. Plaintiffs quote those remarks back, characterising the plan as one that would facilitate betting on presidential announcements.
Trump Media, Crypto.com and Yorkville terminated their proposed Trump Media Group CRO Strategy on 7 August, and the Truth Predict betting platform CNA reported in October was scaled back to a marketing deal promoting Crypto.com’s prediction markets to Truth Social users. McGurn said the sector is already crowded with established companies.
Trump Media reported US$1.7 million (AU$2.4 million) in second-quarter revenue, up 89%, against a US$238.1 million (AU$335.7 million) net loss. It held about 14,139 Bitcoin, including pledged coins on 31 July, worth US$890.5 million (AU$1.26 billion).
The company said on 10 August that it believed criticism of Truth API had been factually inaccurate and that it is continuing to onboard partners. Trump owns about 41.43% of Trump Media through a revocable trust.
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