Cybersecurity agency says social media bots hyped GameStop throughout buying and selling frenzy
A cybersecurity agency discovered that bots have been selling GameStop inventory on social media earlier than and after the inventory’s frenzied rise final month, Reuters reported. Massachusetts-based PiiQ Media says social media bots promoted Dogecoin, GameStop, and different “meme” shares in posts on Fb, Twitter, Instagram, and YouTube. The agency estimated that tens of 1000’s of bots participated, nevertheless it’s nonetheless unclear how a lot affect that they had or didn’t have on the rise and fall of GME and different shares.
Shares in GME skyrocketed in January as Reddit customers on r/wallstreetbets rallied across the inventory in an try to squeeze hedge funds that had guess towards the online game firm. PiiQ informed Reuters it detected “patterns of synthetic conduct” in GameStop-related posts simply earlier than the January twenty eighth chaos by means of February 18th.
PiiQ didn’t analyze Reddit site visitors, and Reddit CEO Steve Huffman stated in a listening to earlier than the Home Monetary Companies in February that the platform had not detected any vital bot-driven exercise or international actors on the subreddit as a part of the GME buying and selling hype.
The Securities and Alternate Fee is investigating the GameStop saga, and the Senate Banking Committee plans to carry a listening to on “the present state of the inventory market.”
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