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> A tweet is not an SEC filing and it can never be one. It’s 140 characters typed on your phone. It is not reviewed by corporate counsel. It is not reviewed at
by freerobby 8y ago
> A tweet is not an SEC filing and it can never be one. It’s 140 characters typed on your phone. It is not reviewed by corporate counsel. It is not reviewed at all.
Right, but this is exactly the downside of disclosing things via Twitter. If Elon uses tweets and SEC filings interchangeably (that is what he's doing here -- this would ordinarily be disclosed in an 8-K), the rules are going to apply to both. It's not that I'm unsympathetic to his intentions, but the SEC can't carve out exceptions for impulsive behavior just because it happened on social media -- traders are acting on this information in real time and need to be able to trust it.
(I agree the calls for imprisonment are beyond insane; I focus on the Twitter vs 8-K part of the story because I find it more interesting, and I'd like to see more CEOs speak directly to followers as Elon does but with a bit less impulsivity).