Sen. Adam Schiff (D-Calif.) criticized President Donald Trump over a reported plan to sell faster access to his posts on Truth Social, arguing the president could benefit financially from messages that could influence financial markets.
Schiff Slams Trump’s Truth Social Access Plan
On Sunday, in a post on X while sharing a CNN interview clip, Schiff accused Trump of using his presidency and social media influence to generate personal wealth.
"Trump’s latest scheme is to sell early access to his posts for a cool $100,000 a month, and he gets a cut," Schiff wrote.
He added, "He gets richer off the presidency, while ordinary families struggle on."
Last week, during the CNN interview, Schiff argued that Trump’s ownership stake in Truth Social creates a conflict because his posts can influence markets.
"You can pay a premium to get, you know, first access to his social media posts that move markets," Schiff said.
He added, "This is the president saying, give me a cut, and I’ll give you the opportunity to make money off my statements."
White House did not immediately respond to Benzinga’s request for comments.
Trump Market Access Criticism
Last week, Sen. Elizabeth Warren (D-Mass.) raised concerns over allegations that a Trump administration teleprompter staffer profited from speech-related bets, saying, "Congress needs to get to the bottom of how far this goes."
Economist Peter Schiff and commentator Ed Krassenstein also criticized Truth Social’s planned paid data feed, arguing it could give institutional investors early access to market-moving Trump posts.
Truth Social Launches Paid Market Data Feed
Trump Media & Technology Group (NASDAQ:DJT) announced it would launch Truth API, a real-time feed giving institutional investors faster access to posts from top Truth Social accounts.
The service, aimed at trading firms, raised ethics concerns because President Donald Trump owned a significant stake in the company and his posts could influence markets.
Trump had frequently used Truth Social for policy announcements, with some posts reportedly triggering market reactions.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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