Senators Question Legalities of Trump's Data Sales

Senators Elizabeth Warren and Adam Schiff urge a probe into Trump Media's plan to sell early access to Trump's social media posts, citing potential legal and ethical risks. The move could benefit Wall Street insiders while raising concerns about the integrity of financial markets.

Democratic senators Elizabeth Warren and Adam Schiff have called for an investigation into the legality of Truth Social parent company Trump Media's strategy to sell priority access to President Donald Trump's social media posts. The senators expressed concerns in a letter to the U.S. securities regulator, raising questions about potential breaches of law.

According to the letter, reviewed by Reuters, Trump Media introduced a paid, licensed data feed that grants trading firms swift access to significant Truth Social posts, including those by Trump. This move, according to Warren and Schiff, constitutes a misuse of presidential privileges and jeopardizes market integrity while benefiting affluent insiders.

The Truth API product, which may charge up to $100,000 monthly, has already attracted customers ahead of its August 1 launch, though specific names remain undisclosed. Critics argue that Trump's posts, being governmental information, should be public, prompting ethical concerns alongside fears of insider trading and diminished investor trust.