> His net worth was estimated at $294 million, up from $74 million the previous year. In 2004, the same publication estimated his net worth at $12 million. His wealth increase was due to large monetary transfers from his wife's family.
You do realize these people have friends and family.
> Who cares?
Insider trading deprives _all other_ legitimate participants of the market. That the trade is small relative to this individual net worth is meaningless. That is value that should have been captured by someone else taking a genuine risk. It's a thumb on the scale of the market and it is morally repugnant.
But it's not insider trading at this level, that's the whole point. This is a freakishly small amount of stock. At these levels he would own a lot more META if he just bought QQQ (META is 3.3% of composition) with a fraction of his net worth
The definition of insider trading does not take into consideration "levels."
> This is a freakishly small amount of stock.
That he personally purchased. I don't know what private and public entities he may have shared the information with or what other purchases traded on his information.
> At these levels he would own a lot more META if he just bought QQQ (META is 3.3% of composition) with a fraction of his net worth
At the level of an individual game a card counter is mathematically not a huge problem. They're just shifting the odds by 1 or 2% in their favor. I wonder why casinos bother to kick them out? They'd stand to win a lot more if they just flopped everything on roulette anyways.
I think you're letting the imputed scope interfere with your evaluation and mistaking net worth for liquid assets.
Mullin's net worth is 20-75 million. So up to 0.25% of his net worth if we use the low estimate is a Meta acquisition? Who cares?