Earlier quoted context omitted.
You also have to be an insider. If I go to a bar, and overhear a pair of Googlers discussing something secret and overhear it, I can: 1) Trade on it. 2) Talk about it. Because I'm not an insider. On the other hand, if I'm sleeping with the CEO, I become an insider. Not a lawyer. Above is not legal advice. Just a comment that the line is much more complex, and talking about a potential acquisition is usually okay (if…
It doesn't matter if you overheard it at a bar or if you're just some HN commenter posting completely incorrect legal advice; the law prohibits trading on material nonpublic information. I would pay a lot to see you try your ridiculous legal hokey-pokey on how to define an "insider."
Isn’t it public information the moment it’s said audibly in a public space?