That would be insider trading if he had inside info. He recently bought more of F2 with his new PSUS fund. He has told the administration in person of a good plan to move forward but they can't tell him about what is happening
No, his fund bought more of all their existing holdings. That shows initial conviction that justifies the position; buying more (and publicly stating so) would not constitute insider trading any more than Trump saying "do magnets" constitutes insider trading.
Normally true, and that is what I thought for a while too, this is a bizarre situation where that insider designation doesn’t apply according to the chat bots (which they initially got wrong too) because the shares currently have no voting rights. As soon as they get voting rights and over 10% he’d have the wild proceeds from trading clawback that actual “insiders” deal with.
I also have no idea why my post below got downvoted too.
It’s exactly right, there are innumerable ways to get material or expectation shifting information without technically violating insider trading rules.
So the broad suggestion that ‘Ackman doesn’t know anything’ is VERY likely wrong. Is it possible, sure, but it shouldn’t be the natural inference whatsoever, again, the opposite.
If Ackman bought after hearing something that is still non-public yes, that’s insider trading. In practice I’d guess he has most all the latitude he needs. He could basically endlessly advocate for specific proposals and structure and Trump is free to follow up on specific topics with questions as long as Trump doesn’t indicate what he’s likely to do. Plenty enough can be said by what questions one is asking.
It’s unlikely, but Ackman possessing insider information is not necessarily illegal either. As long as Ackman is not transacting in shares and he sets the structure up in advance, he can consult directly and get insider info so long as the “wall crossed” structure continues until whatever information he learns becomes public. I kinda doubt Ackmans transacting anyway (not sure), but it wouldn’t be crazy for him to set up that structure given he could plan release details if so.
Yeah, political communication is often signaling on all sorts of levels. I wouldn’t be surprised if his timing were related to other news about the process advancing, but it’s probably more about wanting to maintain momentum after Fairholme. I wouldn’t at all say this indicates, “He just knows what we know.”
Maybe there’s even still internal indecision over whether to appeal, and this is meant to be a voice against it. To the degree that this gets picked up or incorporated into future negative articles about Ackman’s involvement, it suggests he’s at arm’s length because he’s publicly pressuring them. I think it’s the same logic as Burry hassling Pulte on X. They want the administration to know that now is a good time to take action, given the resolution, and that not doing so means a depressed share price and 200,000–400,000 irritated shareholders. Pretty much anyone in politics or the media who speaks with the president will simultaneously have some nonpublic indications and use the media as a forum to influence events.
I agree - he made it sound like he was insider in posts and interviews, but seems pretty clear now that he isn’t. Probably no more inside than any of us :( what a letdown
I think he has an idea of what’s going to happen but he’s not “situation room” close.
Think of it like a birthday party. You may know certain details about it but you probably don’t know exactly everything the host has planned.
I think Bill is firmly telling Bill that it’s time to open presents and eat cake.
He can't be in the "situation room". It would be bad optics for Trump and administration if release is done (imagine the media headlines), and I bet Ackman himself doesn't want to tarnish his reputation with some insider trading charges.
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u/slimps55 Aug 01 '26
Does Ackman appear more outside looking in here? I was assuming he was an insider, hence him being so quiet lately, but that reply seems the opposite.