i swear to god if anthropic is rewriting its prospectus to say "super intelligence" rather than "artificial intelligence" i ... will either die laughing or crying i haven't decided
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Ann Lipton
@annmlipton@esq.social
mastodon 4.7.3Law prof at Colorado Law, business and securities. Profile pic for the job you want, ... etc
@annmlipton.bsky.social
You can find my papers here: https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2365170
I also blog regularly at https://www.businesslawprofessors.com/
3384 Followers
542 Following
50 Posts
Joined November 10, 2022
And once again I have to ask, why has Reuters seen the prospectus and do we even have an SEC anymore?
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oh ho, look who's on the other side of a forced arbitration now
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Free Float Media's 'zine alerted me to this survey by PwC finding that 81% of public company directors say the most important quality in evaluating new board candidates is "alignment with the board's culture and ways of working"
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Goldman adopts a retail voting program similar to Exxon's
Boosted by @kcarruthers@infosec.exchange
It's such a weird feeling when horrifying news developments are fantastic to prove the thesis of your WIP
https://news.bloomberglaw.com/financial-accounting/big-fours-past-climate-reporting-support-draws-state-scrutiny
(not the one I just posted, another one)
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Here, Trump's truth social feed is more valuable if he posts more market moving information. I.e., if he posts once a year, that feed is less valuable than if he posts every day. And the posts have to move stocks. So that incentivizes him to make policy pronouncements just to move stocks, bc he will personally gain, rather than making policies that best advance the interests of the public.
"Polymarket built near-perfect copies of its website, then instructed creators to make simulated trades...and hide that they were being paid by Polymarket."
US market is targeted, even though Polymarket's platform is banned here; the company knows you can access via VPN
https://www.wsj.com/business/media/polymarket-social-media-bets-prediction-market-441cdeb5?mod=hp_lead_pos7
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I'll also add it gets to the heart of the one rationale for prohibiting insider trading that everyone agrees on (there's a lot of policy disagreement in this area). But everyone agrees it's bad when the insider is incentivized to deviate from his loyalty bc he can sell info.
This is another violation of the securities laws, not that anyone cares anymore.
(Now that the S-1 is public, SpaceX is allowed to release this kind of information, but technically -
Well, they heard me.
I previously blogged about SpaceX's litigation limits for shareholders, including the remarkable claim in their S-1 that it is "unsettled" whether shareholders can bring claims in state court over Exchange Act violations.
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illegal tipping, and that's functionally what this is.
And we know that because the Stock Act subjects government officials using govt information to the same legal standards as corp officials using corp information.
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Here's a game. There is a deck of cards, and it consists of 4 cards. Each card has a letter on one side, and a numeral on the other. The cards are currently laid out before you like so:
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I mean selling data feeds is old news and companies do it. But in this case Trump personally is doing the selling of advance information about what the government - Trump president - will do. If he'd simply said "I will tell you official Iran policy in advance for a million dollars" that would be -
sent an email to vanguard as a fund investor asking them not to add spacex to their indexes until it has had time to season
not really expecting anything, but maybe there are others, who knows
RE: @Rainmaker1973@zpravobot.news
this was riveting
"a little-noticed rule proposed ....could change how guns are purchased... It would allow customers to be vetted for firearms and buy them online, and have the weapons delivered directly to their homes — instead of picking them up in store after an in-person check."
https://www.nytimes.com/2026/07/07/business/dealbook/spacex-index-funds.html
"David Ellison’s Paramount Skydance agreed to freeze its $110bn merger with Warner Bros Discovery until as late as next June...The new timeline 'materially reduces the near-term concern that a politicised Paramount would control CNN during the 2026 midterms'"
https://www.ft.com/content/95cad892-7933-441a-bc82-c39b1a225835
usually you see this only in your finer boiler rooms
spacexipo.com
not sure if everyone can access this, but I just learned about some dramatic changes to SSRN from Steve Bainbridge's Substack. This is really bad; SSRN has been how I keep up with scholarship in my field from a variety of researchers
https://www.stephenbainbridge.com/p/the-social-science-research-network
there is actual legal precedent that markets are not efficient in the first 25 days following an IPO. we can argue about its legal basis but at minimum passive investors should question whether it's appropriate to start buying in that period
In re SCOR Holding 537 F.Supp.2d 556 (SDNY 2008)
speaking as a law professor, that's the good stuff
"Clients are sending their lawyers swaths of letters, emails, questions and patents generated by AI chatbots, raising the prospect of higher legal bills to reflect the time spent responding to them."
https://www.ft.com/content/744d2c77-a34e-4ca0-9f0e-ce8cdcdee483
I admit it: I am not particularly interested in the financials but I can't wait for the SpaceX S-1 to become public because of my burning curiosity about (1) how control rights are structured and (2) the state of incorporation.
Who's with me?
Apparently SpaceX is going to launch an IPO related website, but I don't think it's up yet:
(yes, this is legal, though it seems like it'll be expecting a retail audience more than these things usually are)
https://www.sec.gov/Archives/edgar/data/1181412/000162828026040610/spacexfwp.htm
"SpaceX chose to set a specific price, rather than a range, to eliminate drama in the process, according to people close to the deal."
Yes, that's definitely how SpaceX has approached this offering. Lack of drama.
https://www.wsj.com/business/spacex-ipo-would-raise-75-billion-281b0886?mod=hp_lead_pos4
okay this is hilarious
https://www.nytimes.com/2026/06/02/nyregion/tom-kean-jr-new-jersey-absence.html
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- is less about the substance than the reality they no longer feel constrained by the social license to operate.
Snarkiness aside, I've been using the same video from Facebook's electronic roadshow to demonstrate the concept to Sec Reg students for 10 years, so it's nice I'll get to use the SpaceX one next year:
heh
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They heard me again!
SpaceX filed yet another amended S-1, and this time they explain that they think the Texas Business Court will have jurisdiction over Exchange Act claims because the exclusivity provisions of the federal securities laws are waivable. -
"Facebook’s 2012 IPO offers a useful illustration. After its debut, the stock fell nearly 50 per cent in the first few months. Now called Meta, the firm has a market capitalisation of more than $1.5tn"
*goose meme* "how soon was it added to the index? HOW SOON?"
https://www.ft.com/content/ca3a0302-da58-42cd-b070-c00629ed33e1
Hey, various SH rights/responsible investing groups launched a website to defend the shareholder proposal mechanism:
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"Judge Wang stopped short of ruling on whether any other remedial discovery or sanctions are warranted...If sanctions are ultimately granted later on... 'such sanctions may be monetary, or they may include a recommendation that certain answers be imputed to — or deemed admissions by — OpenAI'"
oh it's up, here:
Musk is going to tweet out a video, doesn't look like he's done that yet
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oh hey another cautionary tale the next time i teach business associations. i literally tell my students, this is the "stay out of prison" unit of the course
No, the Truth Social thing is not legal even if the data feed access is simultaneous with public posting, as the company now seems to be arguing
https://www.businesslawprofessors.com/2026/07/quick-followup-on-the-truth-social-thing/
The IPO website literally had links to brokerage firms and invited potential investors to click to open an account.
https://www.ft.com/content/94959f40-1874-4ece-b629-b18f43aa3ede?shareType=nongift