A growing number of Wall Street firms are subscribing to a Trump Media & Technology Group service that grants early access to new Truth Social posts—a product that some economists have characterized as a form of insider trading.

Trump Media, founded by President Donald Trump in 2021, disclosed that more than 10 customers have signed up for Truth API (Application Programming Interface). The service, which launched earlier this month, gives traders access to posts from prominent users, including Trump, milliseconds before they appear for the platform's wider audience. Subscription fees range from $60,000 to $100,000 per month.

For high-frequency trading firms, millisecond-level advantages are central to their business model. These firms use automated systems to execute large volumes of orders in fractions of a second, and even tiny timing edges over competitors can translate into significant profits. Real-time data feeds from social platforms, news wires, and regulatory filings have long been a staple of the industry, though typically tied to information that is simultaneously available to all investors.

Speaking during the company's earnings presentation on Monday, interim CEO Kevin McGurn said the majority of Truth API customers are high-frequency trading firms. He noted that the company is also in discussions to offer the product to hyperscalers, major news organizations, and large-language model developers, and is exploring an expansion into retail trading.

McGurn described the product as being in its "early innings" but said the company was "strongly encouraged" by initial traction.

"We believe this can grow into a meaningful, durable contributor," McGurn said. "But it is just one piece of a broader media technology strategy that also includes advertising, subscriptions, and our digital asset treasury."

The Truth API launch comes as Trump Media reported a loss of $238 million for the April-to-June period—more than ten times the quarterly loss recorded a year earlier—as the company expanded beyond its core media business into areas such as cryptocurrencies. The API feature is part of a broader turnaround plan centered on social media.

The product also highlights Trump's well-documented capacity to move markets through policy announcements posted on the platform. In April, Trump posted that he would pause planned strikes on Iranian infrastructure following threats tied to the reopening of the Strait of Hormuz, triggering a $1.5 trillion stock market rally.

Insider-Trading Concerns

The service, along with Trump's ongoing ownership stake in the company, has raised significant ethical questions. Trump holds approximately 41% of Trump Media's shares, meaning he stands to benefit directly from the new revenue stream. At just 10 subscribers, Truth API could generate up to $1 million in monthly revenue, or roughly $12 million annually. Experts note that the feature effectively enables Trump to profit financially from his own official statements.

"I'll be blunt," Gian Luca Clementi, an economics professor at NYU Stern School of Business, told Fortune. "This is insider trading by definition."

The debate unfolds against an existing regulatory framework. The SEC's Regulation Fair Disclosure (Reg FD), adopted in 2000, requires publicly traded companies to disclose material nonpublic information to all investors simultaneously, specifically to prevent selective disclosure to favored parties. The question raised by Truth API is whether milliseconds-early access to social media posts by a public official constitutes material nonpublic information or merely a faster delivery of already public data.

Last month, Democratic Representative Ritchie Torres of New York petitioned the Securities and Exchange Commission to investigate Truth API. Torres argued that a company substantially owned by a sitting president selling market-moving policy announcements to traders ahead of the general public represents a stark departure from conventional platform data licensing. He suggested that even a narrow window of preferential access to policy information could undermine a level playing field in financial markets.

Trump Media & Technology Group did not immediately respond to Fortune's request for comment. However, company spokesperson Shannon Devine told Quartz that Truth API "offers customers the fastest way to ingest publicly available Truth Social data" and that critics "must have invented a new theory of 'insider trading' based on publicly available information."

Legal experts, including Tyler Gellasch, CEO of Healthy Markets Association and former SEC counsel, have warned that Truth API reflects a broader shift in the infrastructure of financial information disclosure. The SEC is also considering a proposal to allow companies to replace quarterly financial disclosures with semiannual ones—a change that could increase reliance among well-resourced investors on paid, private data sources. Truth API may represent one such source.

"When you have a market that looks like that, it looks rigged," Gellasch told Fortune.

During the earnings presentation, McGurn addressed what he called the "intense media coverage" surrounding Truth API's rollout, framing the feature as one of many licensed data products.

"Providing licensed real-time public data through commercial APIs is a well-established business practice across the technology, financial information, and media industries," he said. "This is no different."

This story was originally featured on Fortune.com.