WASHINGTON, United States, Aug 11, (V7N) -Truth Social parent says clients paying for early access to Trump's posts) - The parent company of US President Donald Trump's Truth Social platform said Monday it has signed up clients willing to pay for early access to Trump's posts.
It made the announcement while reporting a tenfold rise in second-quarter losses.
Trump launched Truth Social in 2022 after being banned from Twitter — later renamed X — and now uses it as his main platform for major announcements.
Trump Media & Technology Group announced last month that customers can pay for early access to the president's market-moving social media posts, a service called Truth API.
"Our new Truth API product is already generating revenue, with more than ten customer agreements signed to date," interim CEO Kevin McGurn said in a press release, without naming the clients.
Truth API saw "a number of institutional customers" before its August 1 launch and continues to gain more despite "factually inaccurate criticism," the company said.
Trump's move to sell high-speed access has raised fresh questions about monetization of the presidency.
News outlet Axios reported that monthly subscription rates for the early access range from $60,000 to $100,000.
In its press release, Trump Media & Technology Group reported a loss of $238.1 million for the quarter ending June 30.
This compared sharply with a $20 million loss for the same quarter last year.
The shortfall was largely due to declines in non-cash assets, including more than $190 million in losses from "digital assets, digital assets pledged, and equity securities."
The company reported $1.7 million in revenue, up 89 percent from a year earlier.
In its first fiscal quarter, Trump Media & Technology Group also reported a net loss mainly due to falling cryptocurrency valuations.
The company added Monday that it is well-positioned to complete its proposed merger with nuclear-fusion company TAE Technologies in 2026.
END/AJ/RH
