
SEC Charges Sports Betting Provider DraftKings for Selective Disclosure of Nonpublic Information via CEO’s Social Media
Since Elon Musk's infamous tweets in 2018 in connection with Tesla shares and the subsequent fraud suit filed by the SEC, it is clear that private social media channels are also subject to regulatory monitoring. The SEC now fined the U.S. company DraftKings $200,000 for selectively disclosing nonpublic information via the CEO’s social media accounts. This case highlights the importance of ensuring equal access to material information for all investors.