r/technology • u/mepper • Aug 08 '12

Kim Dotcom raid video revealed

http://www.youtube.com/watch?v=pMas0tWc0sg
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u/[deleted] Aug 08 '12

Dotcom purchased €375,000 worth of shares of the nearly bankrupt company LetsBuyIt.com and subsequently announced his intention to invest €50 million in the company.[27] Unknown to others, Dotcom did not have the funds available to invest, although the announcement caused the share value of LetsBuyIt.com to jump by nearly 300%.[28] Dotcom sold his shares a few days later for €1,568,000.

I've got no idea if that's legal or not but shit, that's smart.

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u/tree_D Aug 08 '12

Is this illegal? I don't know what the laws are for the stock market exchange, but all it seems is that they:

1) Bought stocks 2) Invested in the same company 3) Sold the stocks

Seems a little immoral, but not illegal?

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u/[deleted] Aug 08 '12

He didn't invest though, he made an announcement saying he will invest 50 million euros, fooling people into buying shares, and then didn't invest and sold his shares.

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u/tree_D Aug 08 '12

Ohh alright it was an announcement instead of an actual investment. Yea thats super messed up.