What Is Documented
DOCUMENTED. Trump Media & Technology Group's Form 8-K dated July 16, 2026 (Exhibit 99.1) announced Truth API and said the company "has already signed up customers ahead of the launch." The Old Goat's own investigation file records that the 8-K gave no names or count. View Dashboard →
DOCUMENTED. The company's Form 10-Q for the quarter ended June 30, 2026, which the Old Goat downloaded and searched on Oct. 15, says that on Aug. 1, 2026 TMTG launched Truth API, "a business-to-business data feed subscription that provides licensed, low latency access to publicly-available posts from certain top Truth Social accounts." The only two mentions of Truth API in the filing are that sentence and a repeat of it. The filing names no customer, and the word "foreign" does not appear in it.
DOCUMENTED. The same 10-Q says that on Aug. 7, 2026 the company mutually terminated its proposed business combination to create Trump Media Group CRO Strategy, Inc., the vehicle for its Cronos-token treasury plan. That is the company's crypto story, and it is separate from Truth API. The Old Goat found no document tying any Truth API subscription to a digital-coin payment.
DOCUMENTED. A federal court docket exists: The Intercept Media, Inc. v. Trump, No. 1:26-cv-06867, Southern District of New York, filed Aug. 12, 2026, per the CourtListener index. A second suit, American Oversight v. Trump, No. 1:26-cv-03258, was filed in the District of Columbia on Sept. 17. The Old Goat could not open either docket's entries and read none of the filings directly.
What Is Reported
REPORTED. On the August earnings call the interim chief executive, Kevin McGurn, said more than 10 customers had signed. By Aug. 24 he told CNBC the number was in the "mid-teens," per Quartz and a later summary. CBS News reported the earliest customers are mostly high-frequency trading firms. Reuters, citing unnamed sources, reported prices of up to $100,000 a month, about $60,000 for a three-year commitment. The company has not published a price. McGurn described revenue as "modest."
REPORTED. Senators Elizabeth Warren and Adam Schiff wrote to SEC Chair Paul Atkins on July 28 asking for an investigation; Representative Ritchie Torres made a separate request. A search summary the Old Goat could not trace to a primary document says Representative Jamie Raskin opened a House Judiciary minority investigation on July 30 that demands, among other things, customer identities. Treat that as unconfirmed until the letter itself is read. No public SEC response was found.
REPORTED. In court the defendants have argued that Truth API is "created and operated entirely by Trump Media & Technology Group, a private company," and that subscribers get at most a 50-millisecond advantage (Newsweek, Oct. 2). The same account says the judge was still deciding the injunction. The Old Goat found no ruling and no order requiring customer disclosure.
Foreign Buyers and Digital Coin
The Old Goat looked for both and found neither. No source reviewed says any customer is foreign, and none says how customers pay. That is a gap in the record, not a finding. Two facts make the question fair to ask. High-frequency trading is a global business, and a product sold to firms by subscription can be sold across borders. The company also runs a crypto program elsewhere in its business. It is the Old Goat's INFERENCE that the question deserves a direct answer from the company, because a feed of presidential posts that reaches a foreign buyer ahead of the public is a different problem from one that reaches a domestic firm.
Where the Names Could Come From
INFERENCE, with the reasoning shown. Five routes exist, none of which the Old Goat controls. First, the Intercept case: customer identities could surface through discovery, a sworn declaration or a court order if the judge finds them relevant. Second, congressional letters: a committee can demand the list, and a House minority has no subpoena power, so the answer depends on whether the company chooses to reply. Third, the SEC: a securities regulator can compel the list, and nothing public shows it has tried. Fourth, Trump Media's next quarterly or annual report: a customer that crosses a concentration threshold must be described, though not always by name. Fifth, the customers themselves: a firm that reports its data vendors in a filing, or a trader who talks.
Any reader can file a Freedom of Information Act request, but the company is private and the White House is not, so an FOIA request reaches only what the government holds. The Old Goat has no evidence the government holds a list.
What the Old Goat Thinks It Means
This part is opinion, labeled as opinion. The feed's value is speed. A buyer pays for being first, and the public cannot know whether a given trade rode that speed, because nobody knows who the buyers are. The Old Goat's INFERENCE is that secrecy about the buyers is not a side issue. It is the whole accountability problem: without names, no one can match a subscriber's trades to a post, and the dashboard's timing scan can only test the public's side of the gap. View Dashboard →
Counter-evidence, plainly: the posts are also public, the company says the feed carries only publicly available posts, the defendants say the advantage is milliseconds, no source reviewed shows a subscriber traded on a post, and no ruling has found any law broken.
If the speed is for sale, the list of buyers should not be a secret.
The Old Goat will watch the Intercept docket for any ruling or disclosure, the next Trump Media filing for customer language, Q3 lobbying and congressional correspondence, and any report that names a subscriber.