Source: thenewstack.io
Security Horror Stories: Why Hackers Are InfluencersCategory: Security
The hedge funds have been hacked by influence: The influence comes from a subreddit, which is a group within the Reddit social messaging board, who are using their stimulus checks to buy up stocks that the hedge funds were shorting.
They bought the stocks that the Wall Street barons were shorting.
The GameStop influencer hack reflects how “folks in Reddit have gone together and have decided that they’re going to squeeze companies that are essentially investing against the success of other companies,” Rogers said.
And what’s happening is you’re getting these Wall Street giants who hold billion-dollar funds that are being squeezed by kids with their stimulus checks — and that’s the power of influence.”
And I think we’re going to be learning about this and the effects of this in economics textbooks and university classes for decades to come.”
They bought the stocks that the Wall Street barons were shorting.
The GameStop influencer hack reflects how “folks in Reddit have gone together and have decided that they’re going to squeeze companies that are essentially investing against the success of other companies,” Rogers said.
And what’s happening is you’re getting these Wall Street giants who hold billion-dollar funds that are being squeezed by kids with their stimulus checks — and that’s the power of influence.”
And I think we’re going to be learning about this and the effects of this in economics textbooks and university classes for decades to come.”
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