TRADING THE TRUTH

The real news

The story, straight

Wall Street has discovered a new premium product: the presidential notification bell.

Reuters reported on Oct. 28, citing people with direct knowledge, that Bloomberg, Susquehanna International Group and Jump Trading signed up for Truth Social's Truth API, a paid feed offering faster access to President Donald Trump's posts.

The 2 trading firms specialize in rapid, automated trading; Bloomberg provides financial news and data. Reuters said subscriptions can cost up to $100,000 a month.

Trump Media officials have described a timing advantage of about 50 milliseconds. That sounds tiny, but automated trading software can react in thousandths of a second.

A presidential post can move markets; being earlier to the information could matter. That does not establish that a subscriber actually profited from a post.

Critics question whether selling earlier access to a sitting president's statements disadvantages ordinary investors. An ongoing lawsuit seeks to stop the White House from posting official announcements exclusively on Truth Social while the paid feed exists.

Its constitutional arguments are allegations, not court findings. Senators Elizabeth Warren and Adam Schiff also requested an SEC investigation.

Trump Media calls the API an industry-standard product and disputes Reuters' anonymous-source reporting. Bloomberg and the trading firms declined comment.

The reported signups do not establish what each customer paid or whether any payment has cleared.

Lil'meme's verdict: The public gets the post. Wall Street wants the post before the notification bell has finished clearing its throat.

What a time to be a bell.