Trying to wrap my head around what you are trying to say. Let's use some example. If you would know that Tesla's delivery numbers were a disaster (they weren't). Knowing that before everybody else would give you a chance to sell at a significantly better price than others.

Yes, but if you know exactly when everyone else find out you can time your trade more easily.

Could an insider trader get information, not act on it, write an article about his scoop, and then make trades after the article's published? If the publication he writes on is obscure and not followed, is the information still considered public?

Sure, but that doesn't mean it "loses its value unless it is published immediately".

Basically, the info has a certain amount of value, that doesn't really go down. If you pair that information with the knowledge of when it will be published, it goes up in value.

> Basically, the info has a certain amount of value, that doesn't really go down.

I was thinking of the value of the news to Bloomberg, which was mentioned in the article:

At Bloomberg, scoops about deals are highly valued, because beating competitors like Reuters or Dow Jones helps to justify the high price of a terminal, which carries rich veins of data along with news, at a reported cost of around $24,000 a year. The terminals constitute the company’s core business.

If the information is deemed important, then, as soon as Bloomberg is confident in the information's accuracy, it will publish. Once Peltz had a record of giving reliable tips, that would likely happen quickly.

https://en.wikipedia.org/wiki/Scoop_%28news%29

Thanks, that makes sense.

I think it depends how this information will be distributed. If it will be syndicated, then you will know the limit already.

I am not taking a position here on the proposition that Peltz needed to know when the information would be published in order to profit. I am pointing out that, even without being explicitly told by the journalist, he could be reasonably sure that publication would occur quickly, if at all. He could also be reasonably confident that it would be published, given that it is valuable information, and that Bloomberg had demonstrated its confidence in his leaks by publising earlier ones.

The feds may well, of course, have independent non-circumstantial evidence of the journalist informing Peltz about when the information would be published.