Trump Media and Technology Group on Monday reported that revenue surged 205% in the third quarter, which it says was “primarily driven” by selling a high-speed feed of posts on Truth Social.
\n\nThe “Truth API,” as the company calls it, allows news organizations, Wall Street trading firms and other services to pay between $60,000 and $100,000 per month for a direct feed of posts on the social network. Critics have slammed the feed as an attempt to profit from President Donald Trump’s posts.
\n\nTrump, whose revocable trust is the largest single shareholder of Trump Media, is the most prominent user of Truth Social.
\n\nThe president’s trust owns more than 41% of Trump Media, according to S&P Capital IQ data. In a June SEC filing, the trust said that Donald Trump Jr. was “the sole trustee and has sole voting and investment power” over its holdings.
\n\nTrump Media’s stock, which trades under the symbol “DJT” for the president’s initials, closed at $4.06 on Monday, giving it a market valuation of $1.13 billion. It’s down 69% so far this year.
\n\nIn July, Trump Media announced the high-speed feed offering, saying that it would allow “real-time access to posts from the highest-ranking Truth…
Original source: https://www.nbcnews.com/business