I said above that there are some compliance issues with that button, but that is the real beauty of this idea:
–Elon Musk generally seems a bit aggressive on compliance matters, and in particular he does not care at all about securities law compliance. “I want to be clear. I do not respect the SEC. I do not respect them,” he once said, on television, and that’s one of the nicer things he has said about the US Securities and Exchange Commission. If Elon Musk tells Twitter’s engineers “put a button on the site that lets people buy stock in companies that I tweet about, or in companies that have names that are similar to words that I tweet,” and a lawyer pipes up to say “the SEC might have some concerns about that,” he will scream expletives and tell them to make the button bigger. This is not how the leaders of most retail stock brokerages think about their relationship with the SEC, and it gives Musk certain, uh, competitive advantages.
–The SEC has been burned before and seems to be afraid to enforce securities laws against Musk?
I think a lot of people could offer a more seamless and convenient retail stock trading experience if they did not care about, and were not subject to, securities regulation. Why not Twitter?
Also, everything I said above, but 10 times more so, for trading crypto on Twitter….
‘Enforcement 40’ for 2020
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