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Trump Media & Technology Group, the parent company of Truth Social, is pivoting back to its foundational media business after a series of unsuccessful diversification attempts. The company announced plans to offer a new service granting expedited access to President Trump's posts, a move that has drawn sharp criticism from Democrats and government watchdogs over potential ethical conflicts.

This strategic shift involves selling access to Trump's communications, a function previously performed by the White House press office. The company's new CEO, Kevin McGurn, stated that several high-speed trading firms have already signed up, paying between $60,000 and $100,000 monthly. McGurn believes the potential market extends to data center companies, news organizations, and developers of large language models, projecting that this new business could double or triple the company's annual revenue.

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We’re in the early innings.

McGurn defended the new service, dismissing ethical concerns raised by good-government groups by pointing to similar offerings from other social media companies. The White House has also denied any conflicts between President Trump's public policy decisions and his private business interests. The influx of revenue from these initial 10 customers since the service's launch could collectively generate between $7 million and $12 million annually, a significant boost compared to the company's overall revenue last year.

However, the company is in dire financial straits, having lost over $1 billion since the beginning of last year. Its latest earnings report for the quarter ending June 30 revealed an additional loss of $238 million, partly attributed to falling values in its bitcoin holdings. The urgency to stabilize its finances is underscored by its reliance on outside funding and the dwindling time to implement a turnaround strategy.

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The company behind Truth Social said it will be unwinding much of its expansion and doubling down on its original media business by selling a form of White House access, a move that has raised big ethical questions among Democrats and government watchdogs.