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A cybersecurity firm discovered that bots were promoting GameStop action on social media before and after the action surged last month, Reuters reported. Massachusetts-based PiiQ Media claims that social media bots have promoted Dogecoin, GameStop and other “meme” stocks in posts on Facebook, Twitter, Instagram and YouTube. The company estimated that tens of thousands of bots participated, but it is still unclear what influence they had 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 action in an attempt to pressure hedge funds that had bet against the video game company. PiiQ said Reuters he detected “artificial behavior patterns” in GameStop-related posts just before the Jan. 28-Feb. 18 chaos.
PiiQ did not analyze Reddit traffic, and Reddit CEO Steve Huffman said during a House Financial Services hearing in February that the platform did not detect any significant activity related to bots or foreign actors on the subreddit as part of the GME hype.
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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