CNBC senior economics reporter Steve Liesman blasted Trump Media & Technology Group's new Truth API on Friday, arguing that selling financial firms faster access to potentially market-moving Truth Social posts from President Donald Trump undermined the government's efforts to distribute sensitive economic information fairly.
"For me, this announcement by the president makes me want to puke, literally puke," Liesman told MS NOW anchor Stephanie Ruhle.
In a statement to Fox News Digital, a Truth Social spokesperson dismissed Liesman's criticism.
"It’s ill-informed at best," the spokesperson said. "Financial firms routinely pay for these types of feeds from social media platforms, including X and Reddit."
WHITE HOUSE CONDEMNS STAFFER ACCUSED OF BETTING ON TRUMP SPEECH AS A 'DISGRACE'
"It’s milliseconds sooner. The reason for that is because we’re closing the latency gap for financial services firms that put a premium on immediate access."
Liesman said the plan was among the most troubling developments he had encountered because federal agencies work to release major economic reports to the public simultaneously.
"It is one of the most upsetting things I have ever heard," Liesman said.
Ruhle questioned whether the proposed service could create opportunities for investors to profit from information unavailable to people who did not pay for the data feed.
WHITE HOUSE CONDEMNS STAFFER ACCUSED OF BETTING ON TRUMP SPEECH AS A 'DISGRACE'
"Is this insider trading or is it just another grift?" Ruhle asked.
Dan Nathan, co-founder of RiskReversal and a CNBC "Fast Money" contributor, said the time advantage would matter more to professional traders than long-term investors because algorithmic and high-frequency trading systems react to information almost instantly.
"So milliseconds make a lot. They mean a whole heck of a lot, right?" Nathan said. "So I don’t think this really matters much for investors as far as their ability to transact in the market. It’s very important for traders."
Ruhle countered that the controversy extended beyond its immediate effect on investors because Trump's family could financially benefit from selling faster access to posts issued by the president.
WHITE HOUSE CONDEMNS STAFFER ACCUSED OF BETTING ON TRUMP SPEECH AS A 'DISGRACE'
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"The fact that our White House, our president is engaging in this and making a buck off of it." Ruhle said. "We’re barely hearing from the biggest names on Wall Street."
Trump Media announced Thursday that Truth API would begin serving institutional customers Aug. 1. The company said it had already signed customers and was continuing to onboard additional partners. Pricing was not disclosed.
"Markets already move on Truth Social posts," interim CEO Kevin McGurn said. "As adoption grows, we expect Truth API to become a meaningful, ongoing source of revenue for the company, creating lasting value for shareholders."
[Image text:] 'TRUTH. SOCIAL