SEC chair to set out overhaul of US equity market The Securities and Exchange Commission is exploring an overhaul of US stock market rules to strengthen competition and ensure individual investors are fairly treated after the explosion in retail trading during the pandemic. Gary Gensler, SEC chair, is said to have settled on several potential proposals, including the creation of an auction system designed to increase competition between services. The rules would effectively make frontrunning impossible and obsoleting the entire microwave/laser trading industry which is meant to do just one thing: trade ahead of slower retail investors.
Shares of Amazon jumped and ended the session up 2% at $125, following a rare 20-for-1 stock split that went into effect. The last time the company split its shares was before the dot-com bubble in 1999, and since then, the stock has returned over 3,000%. Alphabet, Apple and Tesla have also turned to splits recently, with the trend making somewhat of a comeback during the pandemic.
Things are getting chaotic in the Elon Musk-Twitter saga after the billionaire warned that he could walk away from the $44B acquisition if the platform does not provide detailed information on spam and fake accounts. It's even more interesting as Elon Musk didn't want to do any extensive due diligence when abruptly announcing the deal back in April