News for hackers. Stuff that matters.

A comment on U.S. SEC Wins 'Shadow Insider Trading' Trial. Parent comment

Re:U.S. SEC Wins 'Shadow Insider Trading' Trial by pavlov on Saturday July 06, 2024 @08:18AM (#40889976)
In April 2022, Elon Musk bought 9.2% of Twitter. He was legally required to file a disclosure notice when his ownership exceeded 5%, but he didn’t. This allowed him to keep buying billions worth of stock for cheaper because the price immediately went up when his ownership became public.

Obvious violation of securities laws, with hundreds of millions in profit. Who knows if he’ll ever be held accountable. Musk seems to delight in mocking the SEC.

[ Parent | on HN ]
Re:U.S. SEC Wins 'Shadow Insider Trading' Trial by JumpCrisscross on Saturday July 06, 2024 @08:27AM (#40890021)
> Obvious violation of securities laws, with hundreds of millions in profit. Who knows if he’ll ever be held accountable

It’s in court [1] and under investigation [2].

[1] https://www.reuters.com/technology/musk-suggests-late-twitte...

[2] https://www.politico.com/news/2024/05/30/musk-agrees-to-test...

[ Parent | on HN ]