Trump Media拟以每月10万美元售卖Truth Social高速数据流引发华尔街法律反弹

Trump Media fast feed for president’s posts sparks Wall Street backlash
Wall Street backlash is mounting over a proposal by Donald Trump’s social media company to charge for high-speed access to his posts, as industry executives balk at the fee and raise questions over potential legal jeopardy.
Nasdaq-listed Trump Media & Technology Group, which owns Trump’s social media platform Truth Social, last week announced a new data service that would provide “faster” access to posts from the top accounts on the website within milliseconds. Multiple people familiar with the matter said that access to the service was being touted at a fee of $100,000 a month.
The new venture is the latest way the president has created moneymaking opportunities from his time in the White House. His vast business portfolio earned $2.2bn in 2025 from interests ranging from cryptocurrencies to Bibles, according to a financial disclosure last month.
It has also brought a slew of legal questions for Wall Street, as financial firms and their lawyers try to decipher the potential risks of paying for access to the president’s thoughts and views before anyone else. Multiple lawyers described the product as a legal minefield.
Richard Painter, professor of corporate law at the University of Minnesota and former White House ethics adviser to President George W Bush, said the plan could pose legal risks for firms that subscribe to it.
“If I were the general counsel of any of these institutional investors I would say, ‘Don’t even touch this unless Truth Social will guarantee there will be no advance notice of any posts that contain information about the actions of the United States government,’” he said.
A White House spokesperson declined to comment, referring questions to Trump’s media group. A company spokesperson said: “Truth API offers customers the fastest way to ingest publicly available Truth Social data. Critics must have invented a new theory of ‘insider trading’ based on publicly available information.”
Trump’s Truth Social posts have long been seen by hedge funds and other heavyweight investors as crucial to swings in equity, currency, commodity and bond markets, because policy is so unpredictable under the current administration.
While TMTG’s press release announcing the product doesn’t make direct reference to Trump’s posts, a pitch deck shared with potential clients and seen by the FT documented 10 market-moving posts by the US president.
These included Trump’s post on the “liberation day” tariffs last year which sent stocks down 12 per cent and another about hitting Iran “very hard” in June which sent oil soaring.
The presentation also appeared to tout how some investors placed unusually large trades before he made market-moving announcements, referencing $580mn in bets before Trump’s announcement of productive talks with Iran on March 23 that sent oil prices tumbling.
TMTG said last week that several firms had already signed up, though Trump’s feed has been devoid of posts that clearly had a market impact since the announcement. Trump did not use his Truth Social account to announce his latest tariff scheme on Monday.
Still, lawyers said there could be legal risk in subscribing because of Trump’s $1.1bn stake in the company.
Trump and his White House colleagues “have no business commercialising information that they generate in their official positions,” said James Cox, a law professor at Duke University who specialises in corporate and securities law. Under the proposal to sell fast access to the posts, Trump might be using government information for private benefit, he said.
One lawyer said that while he did not believe financial firms would be at risk of tripping federal rules, the more imminent legal risk would be state attorneys-general, which could independently investigate the product. “State regulators have other tools to go after this type of behaviour,” he said.
The feed has the most potential value for trading firms that specialise in high-speed trading, where gaining an advantage of just a few milliseconds over others can mean big profits.
“His tweets move markets so we all need to pay up,” said a top macro hedge fund executive. “It’s so bad that nothing surprises me in that sense anymore.”
A second macro hedge fund executive called it “scandalous” but suggested that some hedge funds may have to subscribe to the service out of a fiduciary duty to clients, to avoid falling behind competitors.
“It’s a huge misuse of power,” said one crypto trader. “It’s a terrible look . . . not exactly presidential and impartial.”
But others said their strategies did not rely on accessing Trump’s posts milliseconds early.
“It’s milliseconds,” said a third hedge fund executive. “That’s how they get away with it. It’s really not that big of a competitive advantage” for any firm that’s not trading at the “fastest speeds”.
Additional reporting by Alex Rogers in Washington