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This is in the context of Icahn announcing he had a large position in Apple and had a phone call with Tim Cook. This then led to a 5% increase in share price. B
by hiccup 13y ago
This is in the context of Icahn announcing he had a large position in Apple and had a phone call with Tim Cook. This then led to a 5% increase in share price. Basically 2 tweets worth $17 Billion in Apple's market value.
- voltagex_ 13y agoThere is something very, very wrong with the world.
- VladRussian2 13y agowhat is protection from "pump and dump" here? He isn't allowed to dump the stock for some time? doesn't seem so. One reason Buffet, for example, has special reporting arrangement with SEC is to prevent such volatility, and as a side effect i think it also decreases potential for such pump and dump on his side (not that i imply that Buffet would succumb to such temptation :) edit: after refreshing myself on Buffet's exception, it seems it protects his interests from volatility, not public's :).
- Dylan16807 13y agoI don't think there's any real protection against someone using entirely truthful, open, public methods to raise the price of a stock.
- fleitz 13y agoIt's required by law to disclose such acquisitions, he just announced it on twitter instead of on a press release. Also, where is the buy message? A tweet like that is so far from pump and dump... Watch this for an example of what pump and dump really is... http://www.youtube.com/watch?v=2YbvozZk9Sw http://www.youtube.com/watch?v=2YbvozZk9Sw
- toyg 13y agoThat's quite a nice scheme for free money, if you are that sort of person: "Hey dude, our share price could do with a kick, fancy a tweet or two? I'll give you 1% of the rallied price." That'd be 170 million dollars for two tweets, I bet not even the likes of Icahn would sneeze at that sort of petty cash. Obviously the money moves from Bahamas to Bermuda and the SEC is none the wiser. Internet-enabled finance is terrifying.