Clay Travis, a contributor at Fox News, has commented on the insider trading investigation involving President Donald Trump’s long-time teleprompter operator. The operator allegedly made $100,000 by predicting the content of Trump’s speeches. This has raised questions about the fairness of the market.
A lawsuit was filed this week in a New York federal court against President Donald Trump over a service associated with Truth Social. The service offers Wall Street traders early access to Trump’s posts on tariffs, conflict, and other market-sensitive policies for a hefty price. The Freedom of the Press Foundation and The Intercept are the plaintiffs.
The court documents, available through Fox News Digital, accuse the Truth API service by Trump Media and Technology Group (TMTG) of violating the Constitution. The lawsuit argues that information from Trump should be accessible to everyone at the same time. Defendants include Daniel Scavino, Trump’s deputy chief of staff, and Natalie J. Harp, his executive assistant.
The monthly subscription service, which launched on August 1, charges between $60,000 and $100,000 per month. It grants Wall Street entities early insight into market-altering posts from Truth Social, particularly those of Trump, who has 13 million followers. Seth Stern, chief of advocacy at the Freedom of the Press Foundation, stated that while Trump has the right to express his views, selling access to official statements undermines the Freedom of Information Act and other transparency laws.
TMTG previously announced that subscribers would receive commercial data within milliseconds, providing nonstop coverage and a historical archive dating back to 2022.
Keevin McGurn, interim CEO of TMTG, noted that Truth Social is already a platform where markets respond to posts. With Truth API, users get a direct, licensed feed of vital posts, which is expected to create a reliable revenue stream for the company. McGurn sees future growth and shareholder value from this service.
The lawsuit seeks to prevent Trump’s White House from using Truth Social exclusively for government announcements, arguing that it infringes on First and Fifth Amendment rights. The plaintiffs also challenge an agreement granting Truth Social six hours of exclusive access to Trump’s posts before sharing them with other platforms.
Ethical concerns have emerged, with media expert Kaivan Shroff highlighting Trump’s financial interest in the company. Shroff pointed out that Trump’s ownership could weaken his defense due to the perception of prioritizing private financial interests over legitimate government purposes.
Former state attorney Dave Aronberg mentioned that the primary challenge for plaintiffs is the constitutional aspect of universal access to official presidential communications. Aronberg added that the courts must distinguish between what is ethically questionable and what breaches the Constitution.
Jason Mudd, CEO of Axia Public Relations, shared concerns about the arrangement, stating that it may not align with the public’s interest. He suggested that financial benefits should not be a formal policy and emphasized the ethics concerns involved.
Mudd advised Trump Media to distance the President’s financial interests from products involving access to his information, suggesting that recusal might be a better strategy than litigation.
Fox News Digital has reached out to the White House and Trump Media for further comments but has not received a response. Julia Bonavita, a media and culture writer for Fox News Digital, provided this report. You can follow her at @juliabonavita13 and send story tips to [email protected].
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