Matthew Chenoweth Wright, CEO of Monolithic LLC

I am a director on the Truth Social Data Licensing team at Trump Media & Technology Group. I sell the President of the United States in fifty-millisecond increments. One month of early access to his posts costs up to $100,000. The typical American household earned $87,460 last year. Every product has an origin story. Ours begins at 9:37 a.m. on April 9, 2025, when the President wrote: "THIS IS A GREAT TIME TO BUY!!! DJT." He signs his posts with his initials. His initials are also our ticker. Less than four hours later he paused the tariffs. The S&P 500 closed up 9.5 percent. Our stock closed up 22.67 percent. AP reported that his stake "rose by $415 million on the day." Asked about the timing, the White House said, "It is the responsibility of the President of the United States to reassure the markets and Americans about their economic security in the face of nonstop media fearmongering." The ethics professor Kathleen Clark told AP: "Watch this space for future stock tips." We built the space. We charge rent on it. We announced Truth API on July 16, in a press release that also went to the Securities and Exchange Commission as Exhibit 99.1. I helped write it. It says firms that track influential posts "have relied on manual monitoring." Manual monitoring is what the rest of you call reading. It says the product "is designed for organizations most impacted by the cost of a delay in information." Everyone outside our customer list pays that delay. We charge the customers for skipping it, and we give the delay to everyone else for free. Our interim CEO, Kevin McGurn, supplied the line that sold it: "Markets already move on Truth Social posts." That was the whole pitch. The President types. He presses the button. The post exists. Then, for a short interval, there are two countries. In one, Truth API has already delivered the post "in milliseconds," as the press release puts it, to a server sitting beside an exchange, and software has read it, scored it and traded on it. In the other, you are still waiting for your phone to buzz. Our officials have put the gap at 50 milliseconds. A blink takes longer. You are the fifty milliseconds. Every time your phone lights up with one of his posts, someone has already made money from you being late. The list price is up to $100,000 a month, according to people familiar with the pitch. Commit to three years and it drops to $60,000. A three-year plan signed this summer runs past January 20, 2029. Sales asked me what we would be delivering after that. I pointed out that the product "includes a historical archive of posts dating back to 2022." I built the rate card. A federal complaint counts between 9,000 and 11,000 posts and reposts in the President's second term, roughly 500 a month. At $100,000 a month, each subscriber pays about $200 a post. A tariff earns the same as a birthday greeting. A repost of somebody else's meme pays exactly what a ceasefire pays. Our pricing respects the office. It does not distinguish within it. Posts typed aboard the new, Qatari-gifted Air Force One ship at no extra charge. We don't add surcharges for foreign gifts. The plane already covers it. On Wednesday Reuters reported, citing people with direct knowledge, that Bloomberg, Susquehanna and Jump Trading are among our customers. All three declined to comment. Bloomberg was founded by Michael Bloomberg, who spent about a billion dollars of his own money in 2020 trying to become the Democrat who would beat Donald Trump. According to those sources, his company now pays Donald Trump's company every month to hear him first. I consider it our finest conversion. Our official statement said, "We take customer confidentiality seriously." We do. It is the only thing in the product that we don't sell early. In August, McGurn went on CNBC and gave the customer count: "We're getting into the mid-teens now, and we're climbing." In the second quarter, the entire company brought in $1.67 million and lost $238.1 million. Fifteen customers at our rates bring in between $900,000 and $1.5 million a month. One month of selling the President's sentences can rival a full quarter of everything else we do. Representative Jamie Raskin wrote to McGurn on July 30 that Truth API was "a last-ditch effort by Trump Media to monetize the only valuable asset available to it: the President's (its largest shareholder's) public statements." He called it a "reverse Robin Hood scheme" and "the depraved essence of insider trading." He meant it as an indictment. I had the first sentence framed for the lobby. It is the best description of our business model anyone has written. The platform itself has about 260,000 daily users, according to Similarweb, down from 420,000 in June 2025. The President, meanwhile, posts many times a day. We are a social network of one, and he is our only product. We are also merging with a nuclear fusion company, TAE Technologies. Fusion has been twenty years away for seventy years. It is only the second-most speculative energy source on our balance sheet. The money goes in a circle. The Donald J. Trump Revocable Trust holds about 41 percent of Trump Media. Its sole beneficiary is the President, and his eldest son sits on our board and oversees the trust. The President posts, the feed sells the post, the trust owns the feed. The feed covers the ten most influential accounts on the platform. According to the complaint, they include the President, the Vice President, the Secretary of Health and Human Services, the Director of the FBI and the White House itself. A trading desk can now learn what the FBI Director thinks a twentieth of a second before the FBI does. Donald Sherman, who runs the watchdog group CREW, called the arrangement "wildly unethical," then explained why it might be legal. The rule against trading on material nonpublic information, he said, would not apply if potentially hundreds or thousands of people get the early access. The emoluments clauses would not apply either. They forbid the President from taking gifts from foreign governments and from the states, and hedge funds are neither. "I don't think Congress or any regulatory body ever contemplated that a president or a market-mover would engage in this kind of paying-for-access type arrangement," he said. The Founders anticipated kings. They did not anticipate latency. A secret shared with one trader is a crime. Shared with a thousand paying subscribers, it becomes a market. Our growth strategy is to stay on the right side of that line by selling to as many people as possible. Senators Elizabeth Warren and Adam Schiff wrote to the SEC that this "appears to be an outrageous abuse of the President's office for his personal benefit that undermines everyday investors and the integrity of our markets, while enriching Wall Street and other wealthy insiders." Our spokesperson answered that Democrats misunderstand Truth API "either out of ideological opposition to free markets or a failure to grasp the distinction between public and nonpublic information — or, quite possibly, both." I wrote the first draft of that line. There is a distinction between public and nonpublic information. We have simply put a price on the space between them. Public is now a tier. In April this year, the President announced a ceasefire in the Iran war on Truth Social, and oil futures sank. Under our product, the first beings on earth to learn that peace had arrived would be servers in Aurora, Illinois, where oil futures trade. The troops would find out later. In August, the Intercept and the Freedom of the Press Foundation sued the President, calling Truth API "profoundly corrupt." The complaint says many of his posts were never followed by an official White House statement. The posts are the policy, and for many of them there is no other official version. The White House responded, "President Trump only acts in the best interests of the American public – which is why they overwhelmingly re-elected him to this office." Our most loyal users bought the stock at the debut, when the company was worth about $8 billion. It is worth about $1.8 billion now. Those users read his posts on the free tier. They are the only customers who have paid twice, once in the share price and once in the fifty milliseconds. Wall Street pays us $100,000 a month to be early. The base pays with its retirement accounts to be late. In September, our quant clients noticed that markets also move when he doesn't post. So we launched Heartbeat, a signal every fifty milliseconds confirming the President has not yet said anything. It is our fastest-growing product. Silence was the only presidential statement nobody had thought to sell. Last Thursday, the product team presented the roadmap for 2027. The headline feature is called Truth API Draft. The President sometimes types a post, pauses and edits before publishing. During that pause the text sits in a draft field on our servers. Legal says a draft is nonpublic information and cannot be sold. Sales says that's the point, and it should be priced accordingly. The working price is $250,000 a month. The release copy describes it as designed for "organizations most impacted by the cost of a delay in information." Nothing in that sentence needed to change. The rest of the roadmap is already public. On the August earnings call, McGurn said we are "evaluating opportunities in the prediction market space." You will be able to bet on what the President posts next, and we will sell the answer fifty milliseconds early to the people taking your bet. He also said, "we look forward to rolling out the product to other sectors, including retail investors." We started by selling his words. Then we sold his silence. Next year we sell his thoughts, and then we sell the head start back to you. Soon you can pay to stop being last. Someone will still be last. It will be whoever couldn't pay.