{ "version": "https://jsonfeed.org/version/1.1", "title": "transparency lab", "description": "forensic investigations into SEC filings, corporate connections, and regulatory influence.", "home_page_url": "https://www.transparency-lab.com", "feed_url": "https://www.transparency-lab.com/feed.json", "icon": "https://www.transparency-lab.com/favicon.svg", "authors": [ { "name": "transparency lab", "url": "https://www.transparency-lab.com" } ], "items": [ { "id": "https://www.transparency-lab.com/case/sec-revolving-door/", "url": "https://www.transparency-lab.com/case/sec-revolving-door/", "title": "the revolving door", "summary": "Six senior SEC officials. Five months average gap. 861 SPACs filed during the boom. Near-zero enforcement. Jay Clayton: SEC Chair → Apollo chair ($631K/year). Dalia Blass: ETF rules author → BlackRock chief lobbyist. Paul Atkins: crypto advisory CEO → SEC Chair with $327M+ in crypto.", "content_text": "Between 2017 and 2025, six of the SEC's most senior officials departed and landed at firms directly regulated by the SEC. Jay Clayton (Chair 2017–2020) joined Apollo Global Management as Independent Chair, receiving $631,773 in annual director compensation. William Hinman (Corp Finance Director) returned to Simpson Thacher & Bartlett after giving a speech declaring Ethereum a non-security — while receiving deferred compensation from Simpson Thacher. Dalia Blass (Investment Management Director) wrote the ETF regulatory framework, then became BlackRock's chief lobbyist five months later. Paul Atkins ran a crypto/SPAC advisory firm for 16 years after leaving the SEC, then was nominated as SEC Chair with $327M+ in crypto assets. Annette Nazareth was simultaneously a SPAC director at two blank-check companies and a senior counsel at Davis Polk advising SPAC clients. 861 SPACs filed S-1s in 2020–2021; enforcement during the boom: near zero.", "date_published": "2026-03-02T00:00:00Z", "date_modified": "2026-03-02T00:00:00Z", "tags": ["SEC", "revolving door", "regulatory capture", "SPAC", "governance", "ETF", "crypto"] }, { "id": "https://www.transparency-lab.com/case/trump-media/", "url": "https://www.transparency-lab.com/case/trump-media/", "title": "the $3.7M company", "summary": "Trump Media raised $2.44 billion in 2025. Revenue: $3.682 million. Net loss: $712 million. Five ETFs launched. 678 SEC filings analyzed.", "content_text": "Trump Media & Technology Group Corp. (Nasdaq: DJT) raised $2.44 billion in 2025 through equity offerings and zero-coupon convertible notes, then deployed proceeds into a $904 million bitcoin treasury. Revenue for FY2025: $3.682 million. Net loss: $712.3 million. Five NYSE ETFs launched under the Truth Social brand. Eric Trump holds 68.1M super-voting Class B shares in American Bitcoin Corp (10,000 votes/share). Donald Trump Jr. became director of a new SPAC in February 2026. The SEC sent 30 comment letters over four years.", "date_published": "2026-03-02T00:00:00Z", "date_modified": "2026-03-02T00:00:00Z", "tags": ["SEC filings", "bitcoin", "SPAC", "ETF", "governance", "social media", "insider trading"] }, { "id": "https://www.transparency-lab.com/case/pharma-fda-lobby/", "url": "https://www.transparency-lab.com/case/pharma-fda-lobby/", "title": "the captured regulator", "summary": "$391M in pharma lobbying. The FDA funded 45% by pharma. 3,500 staff cut by DOGE. Neuralink regulators fired by the man whose company they regulate.", "content_text": "The FDA approves the drugs whose makers fund 45% of its budget through mandatory user fees. Its commissioners leave for pharma board seats within months. In 2025, DOGE fired 3,500 FDA staff — including neurological device reviewers overseeing Musk's own Neuralink clinical trials. HHS Secretary RFK Jr. continues collecting vaccine lawsuit referral fees while overseeing the FDA. Advisory committee meetings fell 68%.", "date_published": "2026-02-28T00:00:00Z", "date_modified": "2026-02-28T00:00:00Z", "tags": ["FDA", "lobbying", "revolving door", "PDUFA", "DOGE", "pharmaceutical", "regulatory capture", "Neuralink"] }, { "id": "https://www.transparency-lab.com/case/ark-invest/", "url": "https://www.transparency-lab.com/case/ark-invest/", "title": "the $2,617 question", "summary": "ARK's Tesla model: $1.23T in 2029 revenue, $8.27T enterprise value, robotaxi assumed launched in 2025. It's 2026.", "content_text": "ARK Investment Management published an open-source Tesla valuation model projecting $2,617/share by 2029 — requiring $1.23 trillion in revenue (62% from robotaxi), an $8.27 trillion enterprise value, and a 63.5% annual CAGR for five years. The bull-case robotaxi launch was 2025. The bear case: mid-2026.5. As of February 2026, no commercial robotaxi service exists. ARK's prior Tesla targets ($4,000 by 2024, $2,000 by 2027) also missed.", "date_published": "2026-02-26T00:00:00Z", "date_modified": "2026-02-26T00:00:00Z", "tags": ["financial modeling", "price target", "ETF", "Tesla", "Monte Carlo", "robotaxi"] }, { "id": "https://www.transparency-lab.com/case/chamath-spac/", "url": "https://www.transparency-lab.com/case/chamath-spac/", "title": "the promote machine", "summary": "Five SPACs. $3.44B raised. Sponsor shares for ~$25,000. One SEC investigation. One liquidation. Zero accountability.", "content_text": "Chamath Palihapitiya launched five SPACs between 2017 and 2020, raising $3.44B from public investors while acquiring founder shares across all vehicles for approximately $25,000 total. One SPAC triggered an SEC investigation. One failed after two years without a deal. Virgin Galactic, taken public via the first SPAC, has lost $2.35B since IPO.", "date_published": "2026-02-25T00:00:00Z", "date_modified": "2026-02-25T00:00:00Z", "tags": ["SEC filings", "SPAC", "founder shares", "regulatory", "Social Capital"] }, { "id": "https://www.transparency-lab.com/case/dji-drone-ban/", "url": "https://www.transparency-lab.com/case/dji-drone-ban/", "title": "the drone ban", "summary": "How a Chinese drone ban created a $119M windfall — and who cashed out.", "content_text": "Unusual Machines raised $119M while losing money on $6.3M in revenue. Its founder runs a competing defense drone company. Donald Trump Jr. joined its advisory board for 200K shares — his father signed an executive order benefiting UMAC. Insiders sold $3.86M at every regulatory milestone.", "date_published": "2026-02-24T00:00:00Z", "date_modified": "2026-02-24T00:00:00Z", "tags": ["SEC filings", "insider trading", "regulatory capture", "drones", "Trump"] }, { "id": "https://www.transparency-lab.com/case/spacex-ipo/", "url": "https://www.transparency-lab.com/case/spacex-ipo/", "title": "the $1.5T black box", "summary": "SpaceX raised $9B with zero revenue disclosure — now targeting a $1.5T IPO after merging with Twitter and an AI startup.", "content_text": "Space Exploration Technologies Corp. raised $9.03 billion across 26 SEC filings and declined to disclose revenue on every single one. Now it targets a $1.5 trillion IPO — after merging with Twitter and xAI in back-to-back private transactions valued entirely by Musk-aligned entities.", "date_published": "2026-02-24T00:00:00Z", "date_modified": "2026-02-24T00:00:00Z", "tags": ["SEC filings", "pre-IPO", "regulatory capture", "DOGE", "merger"] }, { "id": "https://www.transparency-lab.com/case/tesla-ceo/", "url": "https://www.transparency-lab.com/case/tesla-ceo/", "title": "the pay heist", "summary": "A Delaware court voided Tesla's $56B CEO pay. The board re-approved it. Insiders filed $975M in planned stock sales. Net income fell 75% over two years.", "content_text": "Tesla's board approved a $56 billion CEO pay package. A Delaware court voided it. The board re-approved it. Net income fell 53% in FY2024 — then another 46% in FY2025. ZEV credits dropped $770M due to OBBBA. Tesla's board committed $2 billion of shareholder cash to the CEO's own AI company.", "date_published": "2026-02-24T00:00:00Z", "date_modified": "2026-03-01T00:00:00Z", "tags": ["SEC filings", "insider trading", "CEO compensation", "DOGE", "governance"] } ] }