Cybersecurity company says social media bots hyped GameStop at some stage in trading frenzy

A cybersecurity company chanced on that bots had been selling GameStop stock on social media before and after the stock’s frenzied upward thrust closing month, Reuters reported. Massachusetts-based PiiQ Media says social media bots promoted Dogecoin, GameStop, and other “meme” stocks in posts on Fb, Twitter, Instagram, and YouTube. The company estimated that tens of thousands of bots participated, but it absolutely’s unruffled unclear how mighty influence they had or didn’t absorb on the upward thrust and tumble of GME and other stocks.

Shares in GME skyrocketed in January as Reddit users on r/wallstreetbets rallied across the stock in an try to squeeze hedge funds that had bet in opposition to the online sport company. PiiQ told Reuters it detected “patterns of man made habits” in GameStop-associated posts precise before the January 28th chaos through February 18th.

PiiQ didn’t analyze Reddit traffic, and Reddit CEO Steve Huffman acknowledged in a listening to before the Dwelling Monetary Products and services in February that the platform had not detected any principal bot-pushed sigh or foreign actors on the subreddit as half of the GME trading hype.

The Securities and Alternate Fee is investigating the GameStop saga, and the Senate Banking Committee plans to help a listening to on “potentially the most contemporary bid of the stock market.”

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