Icahn Enterprises L.P. issued a press release on March 7, 2014 announcing that its Chairman—famed investor Carl Icahn—intends to use Twitter, Facebook, and the website Shareholders’ Square Table to communicate from time to time with the public about the company.  The press release was careful to note that the information Mr. Icahn may choose to share via social media could be deemed material, and therefore encouraged “investors, the media, and others interested in our company to review the information that Mr. Icahn posts,” in addition to the information the company discloses on its investor relations website. Like Icahn Enterprises, many companies and executives are using social media to not only market to the public, but to share information with investors.  The SEC’s Regulation Fair Disclosure (“Regulation FD”) requires that if material, non-public information is disclosed, the company must disclose that information in a manner reasonably designed to distribute broadly the information to the public.  This leads to an inexorable question: If a company decides to use social media to share material information with investors and the public, how can it ensure compliance with Regulation FD?
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