Of course if Jenner had sold Snap stock short, drove its price down with a tweet, and then covered her shorts for a quick profit, that would probably rub some people the wrong way. It is not insider trading, but is it … a vague word that is often thrown around, particularly about short sellers, is “manipulation.” Would it be illegal manipulation for Jenner to trash the stock when she’s short? Again I do not think so, as long as her trashing is honest. Conceivably if she shorted Snap, tweeted about how she never opens Snapchat, and was secretly feverishly checking Snapchat right that minute, then that would look like manipulation. But a short sale plus an honest tweet about her social-media consumption habits seems fine.
‘Enforcement 40’ for 2020
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