A false X post about pausing tariffs led to multi-trillion-dollar market swings
a year ago
- #social media
- #stock market
- #misinformation
- False reports on Elon Musk's X about a 90-day pause on tariffs led to multi-trillion-dollar stock market swings.
- The rumor originated from a small X account 'Hammer Capital' and was amplified by verified accounts and news outlets like Reuters and CNBC.
- The market reacted swiftly, with a $2.4 trillion swing within 10 minutes before corrections were made.
- Experts highlight the dangers of social media systems like X, where rumors spread quickly and corrections lag, exacerbated by changes in verification policies post-Musk's takeover.