Jesse Powell on Twitter: "Reminds me of Weev's business idea (TRO LLC) 😂, which was finding security holes at public companies, shorting the stock before announcing. It's pretty much the business of all hedge funds. Settling information asymmetry is a primary function of markets. https://t.co/fuAxmh9KuH https://t.co/AxHGBPletZ" / Twitter

This isn't just about NFTs. It's about every transaction: houses, cars, art, watches, shoes, comic books, any collectible, store of value or investment. Forget DYOR, inspections, appraisals. If you don't have 100% info overlap, trading is illegal. Impossible standard, bad policy.

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e𝚔𝚒n

@eking0x

· Jun 3

“This isn’t being brought as an insider trading case, it’s a wire fraud case. Yet the government misleadingly describes this as insider trading because they know that buzzword will generate headlines,” @JWVerret tells me in this @motherboard @VICE piece: vice.com/en/article/ake

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Jesse Powell

@jespow

Jun 5

I guess the objection is that Nate knew that the asset was scheduled to be featured before he bought, and before the ad was public. But how were other traders disadvantaged by this? Nate had no material info about the asset itself, just that it was going to get extra attention.

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Jesse Powell

@jespow

Reminds me of Weev's business idea (TRO LLC) 😂, which was finding security holes at public companies, shorting the stock before announcing. It's pretty much the business of all hedge funds. Settling information asymmetry is a primary function of markets. blogs.orrick.com/trade-secrets-

8:55 AM · Jun 5, 2022Twitter Web App

Replying to

That's a really interesting business idea. Did they end up doing it and how did it work out? I guess Hindenburg shorting Nikola and then releasing info about them would be similar as well.

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Jesse Powell

@jespow

Jun 5

Yeah, agreed. I don’t think he ever actually did it.Sounds like this might actually be about a crime against his employer though. Gotta check out the indictment and this interview.

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Matt Galligan

@mg

· Jun 5

Replying to @jespow

@nlw had a good explanation the other day on the Breakdown. The suit alleges he defrauded his company, not the market. pca.st/episode/b81a24

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Replying to

I get it. If he was "a part" of the project that was about to be featured, and he bought, only before the feature, yes this is insider info. If he purchased before he knew it was to be featured as well he has a slight chance.

Replying to

Hi Jesse, would love to chat about some career opportunities. Care if I DM?

Replying to

pretty sure Shkreli did this too. he would read FDA applications and short when he expected them to be rejected

Replying to

Didn’t the owners of IKEA become the richest family in the world by buying up nearby real estate before opening one of their superstores. And countless other real estate fortunes made from knowing where some piece of infrastructure is going. Where are those wire fraud indictments

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