In connection with a Facebook post by Netflix CEO Reed Hastings, the SEC issued a report of investigation on April 2, 2013 (Netflix Report) indicating that Regulation FD permits a company to announce material information through social media channels like Facebook and Twitter if the company has alerted investors regarding which social media channels it may use to disseminate such information. The Netflix Report indicates, however, that assessing whether it is permissible for a particular company to use a specific social media channel for disclosure of material information requires “a careful Regulation FD analysis” of the facts and circumstances. Moreover, the Netflix Report does not address some questions that the use of social media as a disclosure channel raises. For these reasons, many companies may decide that it is best to not rely on (or at least limit the use of) social media for the disclosure of material information until the SEC guidance and best practices in this area become more settled. In addition, the Netflix Report highlights the risk that a company’s officer’s use of social media channels to discuss the company can result in violations of Regulation FD.