Wall Street Journal: Elon Musk’s Finances Complicated by Declining Wealth, Twitter Pressures

Wall Street Journal: Elon Musk’s Finances Complicated by Declining Wealth, Twitter Pressures. “Historically, Mr. Musk has been a cash-poor billionaire, depending upon so-called margin loans—borrowing backed up by his shares—for his personal expenses and business investments while holding on to his Tesla shares and benefiting from their rising value. But Tesla’s market value has fallen by about $700 billion this year, sinking his personal wealth along the way.”

SEC: SEC Charges Eight Social Media Influencers in $100 Million Stock Manipulation Scheme Promoted on Discord and Twitter

SEC: SEC Charges Eight Social Media Influencers in $100 Million Stock Manipulation Scheme Promoted on Discord and Twitter. “These seven defendants allegedly purchased certain stocks and then encouraged their substantial social media following to buy those selected stocks by posting price targets or indicating they were buying, holding, or adding to their stock positions. However, as the complaint alleges, when share prices and/or trading volumes rose in the promoted securities, the individuals regularly sold their shares without ever having disclosed their plans to dump the securities while they were promoting them.”

From GameStop to crypto: how to protect yourself from meme stock mania (The Conversation)

The Conversation: From GameStop to crypto: how to protect yourself from meme stock mania. “Recent rallies in stocks popularised on social media have attracted increasing numbers of investors looking to these so-called ‘meme stocks’ for quick returns. But while it might look like a fun game, there are real risks to investing in stocks and other financial products popularised on social media. And with recessions looming around the world, the danger is becoming even more acute.”

New York Times: How Civil War History Explains Memestocks

New York Times: How Civil War History Explains Memestocks. “Over the past century and a half, finance in the United States has been characterized by an ebb and flow of who feels Wall Street is for them, who feels (or is) excluded. Understanding how we got where we are now is one way to demystify the Reddit-based investing revolution, which is powered by a conspiracy theory along with a deep resentment of the way real power and wealth seem so out of reach for most people these days.”

New York Times: Buy GameStop, Fight Injustice. Just Don’t Sell.

New York Times: Buy GameStop, Fight Injustice. Just Don’t Sell.. “The beliefs underpinning last year’s meme stock phenomenon are stronger than ever. For a large number of individual investors, the stock market has become the battleground on which they join forces to right perceived wrongs and fight the powerful. So much so that when the stock market seesawed this past week, many small investors were undeterred. Falling prices were another opportunity to buy more shares of their favorite companies.”

Business Insider: As the pandemic raged, at least 75 lawmakers bought and sold stock in companies that make COVID-19 vaccines, treatments, and tests

Business Insider: As the pandemic raged, at least 75 lawmakers bought and sold stock in companies that make COVID-19 vaccines, treatments, and tests. “Dozens of Republican and Democratic lawmakers on Capitol Hill have invested in companies that have a direct stake in the nation’s response to the COVID-19 pandemic, according to an Insider analysis of federal financial records.”

CNBC: Rand Paul’s wife bought shares in Covid treatment maker Gilead in early days of virus, the couple’s only individual stock purchase in years

CNBC: Rand Paul’s wife bought shares in Covid treatment maker Gilead in early days of virus, the couple’s only individual stock purchase in years. “Republican Sen. Rand Paul and his wife had not bought or sold stock in an individual company in at least 10 years when Kelley Paul purchased shares of the drug company Gilead Sciences in early 2020. The purchase came early in the novel coronavirus’ initial wave through the United States — and one day after the first U.S. clinical trial began for Gilead’s remdesivir as a treatment for Covid-19, according to records reviewed by CNBC.”

Washington Post: Rand Paul discloses 16 months late that his wife bought stock in company behind covid treatment

Washington Post: Rand Paul discloses 16 months late that his wife bought stock in company behind covid treatment. “Sen. Rand Paul revealed Wednesday that his wife bought stock in Gilead Sciences — which makes an antiviral drug used to treat covid-19 — on Feb. 26, 2020, before the threat from the coronavirus was fully understood by the public and before it was classified as a pandemic by the World Health Organization. The disclosure, in a filing with the Senate, came 16 months after the 45-day reporting deadline set forth in the Stock Act, which is designed to combat insider trading.”

Markets Insider: Want to win big like Nancy Pelosi’s husband? A new website tracks what politicians and their families are trading

Markets Insider: Want to win big like Nancy Pelosi’s husband? A new website tracks what politicians and their families are trading. “Legislators have to report what securities they buy and sell, thanks to the 2012 Stop Trading on Congressional Knowledge Act – known as the STOCK Act. German company 2iQ’s Capitol Trades service, launched Monday, has brought together all of those filings in an enormous, free database that lets users see what politicians are trading and filter by asset class.”

Reuters: U.S. SEC suspends trading in 15 securities due to ‘questionable’ social media activity

Reuters: U.S. SEC suspends trading in 15 securities due to ‘questionable’ social media activity. “The U.S. securities regulator on Friday suspended trading in the securities of 15 companies because of ‘questionable trading and social media activity,’ the latest in a string of temporary trading halts amid volatile trading in so-called ‘meme stocks.’”