Twitter Speaks, Markets Listen, and Fears Rise
That is the question the financial industry and government regulators are trying to answer after a Twitter hoax on Tuesday that claimed President Obama was injured in an explosion at the White House. They claimed that President Obama was injured.That report caused the Dow Jones industrial average to drop temporarily by 150 points, erasing $136 billion in market value.The vulnerability, in part, stems from the Securities and Exchange Commission’s decision this month to let companies and executives use social media sites like Twitter and Facebook to broadcast market-moving news.
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