Cybersecurity Firm Says Social Media Bots Promoted GameStop During Business Frenzy

A cybersecurity company discovered that bots were promoting GameStop shares on social media before and after the frenzy in shares last month. Reuters reported. Massachusetts-based PiiQ Media says social media bots promoted Dogecoin, GameStop, and other “meme” actions in posts on Facebook, Twitter, Instagram, and YouTube. The firm estimated that tens of thousands of bots participated, but it is not yet clear how much influence they did or did not have on the rise and fall of GME and other stocks.

GME shares soared in January as Reddit users on r / wallstreetbets rallied around the shares in an attempt to squeeze hedge funds that had bet against the video game company. PiiQ said Reuters spotted “artificial behavior patterns” in GameStop-related posts just before the January 28-February 18 chaos.

PiiQ did not analyze Reddit’s traffic, and Reddit CEO Steve Huffman said in a hearing before House Financial Services in February that the platform had not detected any significant activity driven by bots or foreign actors on the subreddit as part of the commercial hype. by GME.

The Securities and Exchange Commission is investigating the GameStop saga, and the Senate Banking Committee plans to hold a hearing on “the current state of the stock market.”

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