SEC: SEC Charges Eight Social Media Influencers in $100 Million Stock Manipulation Scheme Promoted on Discord and Twitter

SEC: SEC Charges Eight Social Media Influencers in $100 Million Stock Manipulation Scheme Promoted on Discord and Twitter. “These seven defendants allegedly purchased certain stocks and then encouraged their substantial social media following to buy those selected stocks by posting price targets or indicating they were buying, holding, or adding to their stock positions. However, as the complaint alleges, when share prices and/or trading volumes rose in the promoted securities, the individuals regularly sold their shares without ever having disclosed their plans to dump the securities while they were promoting them.”

Eli Lilly Dives After Fake Twitter Account Promises Free Insulin; Takes Novo Nordisk, Sanofi With It (Investor’s Business Daily)

Investor’s Business Daily: Eli Lilly Dives After Fake Twitter Account Promises Free Insulin; Takes Novo Nordisk, Sanofi With It. “The tweet went live around 1:30 p.m. on Thursday from an account claiming to be Eli Lilly. It remained online for several hours, gaining steam from hundreds of retweets and thousands of likes. As of Friday morning, the fake account is no longer verified and its tweets are now private. But that didn’t stop LLY stock from falling 2.2% near 360.70 in morning trades on today’s stock market.” (Right now, as I index this article, Eli Lilly is trading down 5.38%.)

From GameStop to crypto: how to protect yourself from meme stock mania (The Conversation)

The Conversation: From GameStop to crypto: how to protect yourself from meme stock mania. “Recent rallies in stocks popularised on social media have attracted increasing numbers of investors looking to these so-called ‘meme stocks’ for quick returns. But while it might look like a fun game, there are real risks to investing in stocks and other financial products popularised on social media. And with recessions looming around the world, the danger is becoming even more acute.”

Al Jazeera: Social media ‘gurus’ prey on India’s small retail investors

Al Jazeera: Social media ‘gurus’ prey on India’s small retail investors. “India’s mom-and-pop investors are facing testing times. During a pandemic-era surge in the stock market, millions poured their savings into equities, drawing on advice from unauthorized financial advisers and social media ‘gurus’ to help identify the next big ticket. But a recent slide in stock values has laid bare the dangers of India’s lax capital market regulations.”

Techdirt: Congress And The SEC Are Getting Basically Everything Wrong In Trying To Respond To ‘Meme Stocks’

Techdirt: Congress And The SEC Are Getting Basically Everything Wrong In Trying To Respond To ‘Meme Stocks’ . “There’s an underlying myth that the entirety of meme stock investing was about ignorant investors doing silly things, but doing so en masse to effectively counter for their own ignorance. And, surely, there were some retail investors who just went along for the ride, for the lolz, or whatever. But especially with the original meme stock, GameStop, the core of that deal was a retail investor who had done a ton of research, had a real game plan, and a real argument for why the stock was undervalued.”

Mashable: Twitter shareholder Elon Musk is reportedly being investigated by the SEC. Again.

Mashable: Twitter shareholder Elon Musk is reportedly being investigated by the SEC. Again.. “Under the Securities Exchange Act of 1934, investors who acquire over 5 percent of a publicly traded company are required to file a report notifying the SEC within 10 days of the acquisition. Musk bought enough Twitter shares to pass this 5 percent threshold on March 14, putting the deadline for disclosure at March 24. However, rather than notifying the SEC of his shiny new Twitter stocks, Musk waited until the deadline passed before buying even more shares, putting his stake at 9.2 percent.”

University of Maryland: Researcher Studies Tesla’s Twitter Bot Boost

University of Maryland: Researcher Studies Tesla’s Twitter Bot Boost. “In a new working paper recently highlighted in a Los Angeles Times article, Robert H. Smith School of Business Associate Professor David Kirsch identifies a set of non-human accounts known as fanbots, and explores the possibility that these accounts may have influenced the trajectory of the firm by shaping how Tesla is discussed on Twitter.”

Washington Post: Elon Musk delayed filing a form and made $156 million

Washington Post: Elon Musk delayed filing a form and made $156 million . “Elon Musk was eleven days late in publicly declaring he had amassed a large stake in Twitter. That omission may have earned him $156 million, according to a half dozen legal and securities experts. That’s because of a 50-year-old law that requires investors notify the Securities and Exchange Commission when they surpass a 5 percent stake in a company. Musk reached that benchmark on March 14, according to the filings. But he only made his public disclosure on Monday.”

New York Times: How Civil War History Explains Memestocks

New York Times: How Civil War History Explains Memestocks. “Over the past century and a half, finance in the United States has been characterized by an ebb and flow of who feels Wall Street is for them, who feels (or is) excluded. Understanding how we got where we are now is one way to demystify the Reddit-based investing revolution, which is powered by a conspiracy theory along with a deep resentment of the way real power and wealth seem so out of reach for most people these days.”

Associated Press: Congress eyes more financial disclosure for federal judges

Associated Press: Congress eyes more financial disclosure for federal judges. “Federal judges would have to publicly disclose more about their finances under a bill approved by the Senate this week, which aims to make the judiciary subject to similar transparency requirements as lawmakers. The bipartisan bill by Sens. John Cornyn, R-Texas, and Chris Coons, D-Del., is intended to make it easier for the public to find out if a judge’s financial holdings could pose a conflict of interest in a case they are presiding over.”

New York Times: Buy GameStop, Fight Injustice. Just Don’t Sell.

New York Times: Buy GameStop, Fight Injustice. Just Don’t Sell.. “The beliefs underpinning last year’s meme stock phenomenon are stronger than ever. For a large number of individual investors, the stock market has become the battleground on which they join forces to right perceived wrongs and fight the powerful. So much so that when the stock market seesawed this past week, many small investors were undeterred. Falling prices were another opportunity to buy more shares of their favorite companies.”

CNN: Stocks surged in 2021, as Wall Street rolled its eyes at Covid

CNN: Stocks surged in 2021, as Wall Street rolled its eyes at Covid. “The Dow fell about 65 points in late morning trading Friday, or 0.2%. It is up 19% this year. The Nasdaq was down 0.3% Friday and has gained 22% in 2021 while the S&P 500, which fell 0.2%, is up more than 27% this year. It’s the third straight year of gains for all three major indexes, which are each not far from record highs. In fact, the S&P 500 has closed at an all-time high 70 times this year.”

Bleeping Computer: Russian hackers made millions by stealing SEC earning reports

Bleeping Computer: Russian hackers made millions by stealing SEC earning reports. “A Russian national working for a cybersecurity company has been extradited to the U.S. where he is being charged for hacking into computer networks of two U.S.-based filing agents used by multiple companies to file quarterly and annual earnings through the Securities and Exchange Commissions (SEC) system.”