"President Picked Stocks?" Wall Street Questions $150,000-a-Month 'Signal Room' Service

Five High-Frequency Trading Firms Already Strike Early Access Deals
Criticism Mounts: "Only Institutions With Deep Pockets Can Survive"
Wall Street Firms Also Reviewing Legal Risks

Controversy is growing over fairness in the financial markets as the launch of a paid service is imminent, which provides access to posts from U.S. President Donald Trump’s social networking service (SNS) 0.001 seconds earlier than the general public.

On July 23, Yonhap News, citing The Wall Street Journal (WSJ) and Financial Times (FT), reported that Trump Media & Technology Group (TMTG), the operator of Truth Social, is set to officially launch its data service “Truth API” on August 1, with high-frequency trading firms already having signed contracts for access.

The Truth API provides posts from major accounts such as President Donald Trump and Vice President JD Vance milliseconds ahead of the general users. The photo shows President Trump's Truth Social account. Truth Social

The Truth API delivers posts from key accounts, including President Trump and Vice President JD Vance, several milliseconds earlier than they are available to ordinary users. The subscription fee is $100,000 per month (148 million won). According to the WSJ and other sources, at least five high-frequency and ultra-high-frequency trading firms have already secured contracts for the service.

Previously, Wall Street investment firms have been operating algorithms that automatically place orders for stocks, crude oil, and foreign exchange upon detecting certain keywords such as “Iran,” “ceasefire,” or “tariffs” in Truth Social posts. Even President Trump’s signature phrases used during major announcements are utilized as trading signals. In practice, there have been repeated instances where large trades immediately following President Trump’s posts have led to sharp surges or drops in energy and defense stock prices. On Wall Street, it is widely believed that even a difference of just a few milliseconds can mean massive profits for high-frequency trading firms.

Earlier, Wall Street investment firms are already operating algorithms that automatically place orders for stocks, crude oil, and foreign exchange when specific words such as 'Iran', 'ceasefire', and 'tariff' are detected in posts on Truth Social. Reuters Yonhap News

Some critics have denounced the service as essentially a “paid presidential signal room” accessible only to institutional investors who can afford the hefty price tag. The argument is that statements on policy, diplomacy, and security by the president—delivered first to paying investors—widen the information gap with individual investors. Furthermore, with President Trump reportedly holding about $1.1 billion worth of shares in TMTG, concerns have been raised over a conflict of interest. Information generated from a public office and the market influence of the president could be used as a profit source for a company in which he holds a significant stake.

The photo is not related to specific content of the article. Photo by Reuters and Yonhap News.

Legal experts have warned that if posts containing government policy are delivered to paying clients first, it could spark legal disputes over insider trading or the private use of public information. Some lawyers have described the Truth API as a “legal minefield.” Wall Street, aware of the controversy, appears even more concerned about legal risks than the service itself. The WSJ reported that financial firms and legal advisors have begun reviewing the potential legal issues that could arise from receiving posts containing presidential policy or government moves ahead of other investors.

Amid mounting concern and controversy over the service, the White House declined to comment. TMTG countered accusations of insider trading by stating the service merely delivers already public information at the fastest speed possible. However, as presidential remarks begin to be traded like financial products, debates on market fairness and information privilege are likely to intensify.

This content was produced with the assistance of AI translation services.