Prof. Bainbridge has three posts on the Supreme Court Salman case.  The posts really show how unclear the concept of Tippee is.  The posts are here, here and here.

There was a 10b(5) issue on the final exam.  The “trader” was on the board of the company whose shares he was trading so he was clearly a “certain” person when he sold the shares to Zack, meaning he had a duty to disclose or not trade.  The issue was whether the “info” he had was “material non-public information.”  The info you say?  Essentially all financial info of the company that was material and non-public plus the fact that he, the seller, thought the other shareholder was lazy.