In its quarterly earnings report released Monday, Trump Media & Technology Group (DJT) said that Truth API, a service giving traders faster access to posts from top Truth Social accounts, has signed up "more than 10" clients and has already begun generating revenue. The API provides rapid access to posts from leading Truth Social accounts, including that of former President Donald Trump. U.S. government oversight agencies and Democratic lawmakers on Capitol Hill have criticized the service, saying it amounts to selling investors access to potentially market-moving information. Trump Media posted second-quarter revenue of $1.7 million and a net loss of $238 million. Truth API launched on Aug. 1, so no revenue from the service was included in the quarter's results. Earlier reports pegged the subscription price at $100,000 per month, dropping to $60,000 per month under multi-year contracts. After the earnings release, the company's shares slipped 0.7% in the after-hours trading session.
Truth API Signs More Than 10 Clients
Trump Media & Technology Group (DJT) disclosed in its second-quarter earnings report on Monday that its Truth API service has signed up more than 10 clients and begun generating revenue. The API gives traders faster access to posts from top Truth Social accounts, including Trump's own account.
Regulatory Criticism and Second-Quarter Results
U.S. government oversight agencies and congressional Democratic lawmakers had previously criticized the service, arguing that it effectively sells investors a channel to information that could affect the market.
The company reported $1.7 million in revenue for the second quarter, against a net loss of $238 million. Since Truth API launched on Aug. 1, the service's revenue was not included in the quarter's results. Earlier reports said the subscription costs $100,000 per month, with multi-year deals bringing it down to $60,000 per month.
After the earnings release, shares fell 0.7% in after-hours trading. Jinshi reported.
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