Exclusive: TMTG CEO declines to comment on Truth API investigations
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Trump Media and Technology Group CEO Kevin McGurn speaks with Axios' Sara Fischer at Media Trends Live on Oct. 20 in New York City. Photo: Jonathan Heisler for Axios
Trump Media and Technology Group CEO Kevin McGurn declined to comment on investigations into Truth API when asked onstage at Axios' annual Media Trends Live event in New York City on Tuesday.
Why it matters: Democratic lawmakers have called for investigations into TMTG's Truth API product, alleging faster access to President Trump's market-moving posts would constitute insider trading.
What he's saying: McGurn said "some of these investigations are ongoing, so I can't really comment on them specifically."
- "We do our diligence, obviously, present all the different details of the business back to them when asked and we're just going to continue along with our business," he said.
- "Listen, we hear from all sorts of government agencies all the time. We're one of the most scrutinized businesses on the face of the planet," he said. "There's not a day that goes by where we don't have those conversations. Just don't want to get too far ahead of it."
Catch up quick: TMTG launched Truth API earlier this year, selling faster access to posts from Truth Social's top 10 trending accounts.
- Democrats criticized the move and asked the SEC to investigate whether the product violates federal securities laws.
- McGurn defended the product, saying "this is a tried-and-true technology that's out there from all other social media and information platforms."
- "We had an API built and we went out to license it, and had a bunch of demand that actually constructed our business model," he said, adding that high-frequency trading platforms had asked about it over the last 18 months.
State of play: McGurn declined to offer specific figures, but said the API is "a good cash-positive business for us" that monetizes a "big news and information source already built up."
- Asked whether the API would still have value after President Trump leaves office, McGurn said, "I would never bet against the president in terms of his influence, whether he's in office or not."
- He expressed confidence that the brand would live on after the Trump administration.
- "The conversation on social media is always going to be valuable for a high-frequency trader or any other trader in the retail world. ... I think whenever you have context, you have the need for someone to get that information quickly and trade on it," he said.
The intrigue: Asked about the pledge to investors that President Trump would always post first on Truth Social, McGurn said "it is really up to the president, and I will tell you that he can do whatever he wants, whenever he wants to and we certainly don't comment on that or stop him from doing that."
- He added that the president "absolutely loves" the company and calls Truth Social "his typewriter."
What's next: McGurn said TMTG is proactively recruiting more creators to Truth Social as it builds out its content and distribution platform.
- "I want more content on the service. I want more creators on the service. I want more distribution, not just here in the U.S. around the around the world," he said.
Disclosure: In 2023, TMTG sued 20 media organizations, including Axios, for defamation. Litigation is ongoing.
