Bots Reportedly Helped Fuel GameStonks Hype on Social Media
The s0-called GameStonks saga had some help from automated bots hyping up “meme” stocks on Facebook, Instagram, Twitter, and YouTube, according to an analysis by the cybersecurity firm PiiQ Media reviewed by Reuters.
Users on the Reddit forum r/WallStreetBets teamed up last month to trigger a massive short squeeze of GameStop stock in a coordinated attempt to screw over hedge funds that bet the video game retailer’s stock would tank. After sending GameStop stock soaring 400% in a week, Reddit users set their sights on other beleaguered companies such as AMC Entertainment, Nokia, and BlackBerry to drive up the value of these so-called “meme” stocks.
