24 Exchange, a startup trading platform is seeking approval from the SEC to launch the first stock exchange that would operate around the clock, including on weekends or holidays. The CEO said that much of the demand comes from individual investors who trade as a hobby.
It really should be the other way around: the stock market should have much shorter hours, so traders can spend most of the day doing market research, but then again, this isn't for institutional investors.
While convenient, it makes it rougher on all traders because a big move could happen overnight without the trader knowing.
Ozy was sued by an investor, LifeLine Legacy Holdings, over its co-founder's impersonation of a YouTube executive during a due diligence call with Goldman Sachs. They claim that Ozy never disclosed the co-founder's attempt to deceive Goldman.
Since Ozy is a private company, it's unclear if they actually needed to disclose this information because they are a private company and sold stock to LifeLine under a stock purchase agreement.
It is also unclear whether Ozy even exists: Ozy announced last Friday that it had shut down, but the CEO then went on TV to say they were back.
Robinhood vs. SEC
Robinhood warned the SEC that efforts to impose new rules on online brokerages’ engagement with customers would face a high legal burden and could ultimately be rejected by U.S. courts, citing violations of the First Amendment and the APA.
The APA provides a set of procedures that the SEC has to follow when conducting an investigation, which they are correctly following, so spending 5 pages telling the SEC to follow the rules is pretty tone-deaf.
Then again, the SEC under Gensler is trying to move as fast as they can, so they could eventually have to cut corners on APA procedures.
While this letter seems pretty rather pointless and confrontational, Robinhood might as well strike first.
Don't put it in email
If you work at a financial institution and your employer gets sued, your emails and chats will be turned over in the course of litigation. During litigation, emails and texts were revealed of Larson and her writer friends gossiping about Dorland and deriding everything about her (including her kidney donation!).
Lesson: don't gossip about your frenemies by text or email, and arrange your life so that you are never sued by the people you talk trash about.
Elon Markets Hypothesis
The SHIB token is now the 20th biggest cryptocurrency by market share, partly fueled by Elon Musk's latest tweet about his puppy.
If you have any interaction with Elon, you could have enormously valuable information that you can monetize in financial markets.