President Donald Trump is raking in cash from his pay-to-play scheme giving companies early access to his social media posts.
In a recent SEC filing, Trump Media & Technology Group reported that revenue for Truth Social’s parent company had surged 205 percent in the third quarter to a whopping $3 million.
At least $1.8 million, or 60 percent, of that spike was “primarily driven” by subscriptions to Truth API, which offers Truth Social users early access to posts from government officials for as much as $100,000 a month, the company said.
This would be the kind of thing that would raise a red flag for the SEC—if it were still functioning as an independent agency.
At the moment, the SEC has two commissioners, both Republican: Trump sycophant Paul Atkins, who serves as the SEC chairman, and the reliably pro-business Mark Uyeda, whom Trump appointed as acting chairman before Atkins took office. Republican administrations are historically less interested in enforcing the nation’s securities laws, but Trump 2.0 takes that laissez-faire approach to legality to stratospheric new levels.
Media and watchdog groups have alleged that Trump is exploiting his office to benefit a private company that he owns. In August, The Intercept and the nonprofit Freedom of the Press Foundation sued Trump, alleging that Truth API violates the First and Fifth Amendments.
In September, Trump and his aide Natalie Harp, who helped to develop the service, were named in a lawsuit from the groups American Oversight and Campaign for Accountability. A separate lawsuit out of San Francisco alleges that Truth API is a “corrupt business scheme” that violates federal laws against insider trading as well as California’s Unfair Competition Law.
Trump Media’s latest filing caused the value of the company’s stock to jump Tuesday, adding a whopping $34 million to the president’s net worth.
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