Truth Social plan to sell early access to Trump posts ‘makes me want to puke,’ CNBC reporter fumes
CNBC senior economics correspondent Steve Liesman criticized Trump Media & Technology Group’s new Truth API on Friday, advocating for financial companies to gain faster access to Truth Social posts that could move the market. President Donald Trump It undermined the government’s efforts to fairly distribute sensitive economic information.
“For me, this announcement from the president makes me want to vomit, literally makes me want to vomit,” Liesman told MS NOW host Stephanie Ruhle.
In a statement Fox News DigitalA Truth Social spokesperson rejected Liesman’s criticism.
“He is misinformed at best,” the spokesman said. “Financial firms routinely pay for such posts from social media platforms, including x and on Reddit.”
White House condemns employee accused of betting on Trump speech as ‘disgrace’
“Milliseconds sooner. That’s because we’re closing the latency gap for financial services firms that place a premium on instant access.”
Liesman said the plan is one of the most troubling developments he has encountered because federal agencies are simultaneously trying to release important economic reports to the public.
“This is one of the saddest things I’ve ever heard,” Liesman said.
Ruhle questioned whether the proposed service would create opportunities for investors to profit from information that is not accessible to people who do not pay for streaming data.
White House condemns employee accused of betting on Trump speech as ‘disgrace’
“Is this insider trading or another scam?” Ruhle asked.
Dan Nathan, co-founder of RiskReversal and CNBC’s “Fast Money” contributor, said the time advantage will be more important for professional investors than for long-term investors because algorithmic and high frequency trading Systems react to information almost instantly.
“So milliseconds mean a lot. They mean a lot, right?” Nathan said. “So I don’t think it’s very important for investors in terms of their ability to trade in the market. It’s very important for investors.”
Ruhle said the controversy goes beyond the direct impact on investors because Trump’s family could benefit financially by selling quicker access to posts the president publishes.
White House condemns employee accused of betting on Trump speech as ‘disgrace’
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“The fact that our White House, our president, is involved in this and making money off of it.” said Ruhle. “We’re barely hearing from the biggest names on Wall Street.”
