Billionaire has blunt response to new SEC proposal

Retail investors have been locked out of the most lucrative private market gains for decades, but a new SEC proposal finally levels the playing field. By allowing individuals to qualify as accredited investors through professional credentials rather than just net worth, the SEC is dismantling the "wealthy-only" club. Even more radical is the plan to let advisers charge 20% performance fees on these accounts. Is this true financial democratization or just a trap for retail?
This summary was generated by AI