Cybersecurity firm says social media bots hyped GameStop during trading frenzy
A cybersecurity firm found that bots were promoting GameStop stock on social media before and after the stock’s frenzied rise last month, Reuters reported. Massachusetts-based PiiQ Media says social media bots promoted Dogecoin, GameStop, and other “meme” stocks in posts on Facebook, Twitter, Instagram, and YouTube. The firm estimated that tens of thousands of bots participated, but it’s still unclear how much influence they had or didn’t have on the rise and fall of GME and other stocks.
Shares in GME skyrocketed in January as Reddit users on r/wallstreetbets rallied around the stock in an attempt to squeeze hedge funds that had bet against the video game company. PiiQ told Reuters it detected “patterns of artificial behavior” in…