Trump Media sees its revenue triple after offering faster access to president’s posts for a fee

Trump Media & Technology Group has seen its revenue triple from the same time last year after offering faster access to President Donald Trump’s posts for a fee. The company, which owns Trump’s Truth Social platform, generated $3 million in its third quarter that ended on September 30. About $1.8 million of that revenue was from subscriptions to the Truth+ streaming platform and Truth API.Truth API was rolled out over the summer to allow news organizations and Wall Street firms “real-time” access to posts from the “high-ranking Truth Social accounts,” according to a July press release announcing the new subscription. But this type of access to the president does not come cheap. Trump Media & Technology Group generated $3 million in its third quarter that ended on September 30. About $1.8 million of that revenue was from subscriptions to the Truth+ streaming platform and Truth API. (Getty Images)Bloomberg, Susquehanna International Group and Jump Trading bought Truth API subscriptions for between $60,000 and $100,000 a month, Reuters reported in October. Democratic Senators Elizabeth Warren of Massachusetts and Adam Schiff of California have sounded the alarm over Truth API, calling it an abuse of Trump’s office for his personal gain. Warren and Schiff sent a letter to Paul Atkins, chair of the Securities and Exchange Commission, in July, urging his agency to investigate Trump Media's moveand determine whether it violates federal securities laws. “Trump Media’s plan to disseminate market-moving information through the President’s own company, while charging insiders for access ahead of the public for the benefit of his company—and to the detriment of the investing public—represents a shocking abuse of the office of the President and the trust of the American public for his personal gain,” the senators wrote in a statement at the time. Truth API was rolled out over the summer to allow news organizations and Wall Street firms 'real-time' access to posts from the 'high-ranking Truth Social accounts,' according to a July press release announcing the new subscription (Getty Images)Trump, who raked in at least $2.2 billion last year from his various businesses, has dismissed concerns about him profiting off the presidency. “I devote almost no time to my net worth. I don't care. I have a lot of money and far more than I ever thought I’d have,” Trump said on 60 Minutes Sunday night, adding that he doesn’t take a salary as president. Trump Media did see a big dive in its stock price after Democrats crushed Republicans in the midterm elections. The stock has dropped around 30 percent with a record intraday low of $3.80 per share last Thursday."While the market ​was trading ⁠on headlines, the underlying business didn't flinch," interim CEO Kevin McGurn said on an earnings call Monday.