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Fortune
Fortune
Mia Osmonbekov

'Milliseconds matter in modern markets': How Trump's Truth API, and less frequent SEC filings, could create a 'two-tiered market'

President Donald Trump holding up a printed out Truth Social post (Credit: Saul Loeb--AFP via Getty Images)

For decades, U.S. markets have sold themselves to the world on a simple promise: Though investors may not be equal in size, they get the same core facts. But two new developments are testing how much that transparency promise still holds.

President Donald Trump’s media company announced on Thursday that it would sell millisecond-faster access to potentially market-moving Truth Social posts to investors. The product, Truth API, is arriving just as the SEC considers letting companies move from quarterly to semiannual disclosures, raising concerns that U.S. markets could become more dependent on private, paid information streams while offering ordinary investors fewer regular public filings.

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