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Insider Trading

"Is Trump Media's Early-Access Feed Lawful?"

"Why a 50-millisecond jump on the president’s posts may implicate insider trading laws."

Eugene Volokh | 9.22.2026 6:25 PM

Prof. Jack Goldsmith (Harvard Law) interviews Prof. John Coates (Harvard Law, former SEC general counsel). An excerpt:

Jack Goldsmith: President Trump regularly breaks news on his social media platform, Truth Social, where he posts market-moving presidential and White House announcements. The company now sells faster access to those posts for up to $100,000 a month. The advantage is apparently just 50 milliseconds, but that is enough to benefit traders.

To date, the early access has attracted more than a dozen subscribers. The arrangement effectively lets Trump profit off the presidency. Can this arrangement possibly be lawful? …

John Coates: … If you pay roughly $1.2 million a year to Trump Media,........

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