The latest stock market success story involves a technology company called Cynk, which has seen its stock price pushed much higher by what some people claim is Twitter bots and other internal, or external factors that might be trying to pump up the stock then dump it.
This possibility has caught the attention of an independent securities regulator, FINRA, and a report on Seeking Alpha in June also highlighted what might be a synchronized effort with Twitter accounts to push the Cynk stock price higher.
On a website called Bot or Not, we searched some of the Twitter accounts promoting this stock and it seems like most of these are robot accounts rather than humans.
Some people were shocked to see WhatsApp bought for billions by Facebook, but when you consider Cynk has only one employee, Marlon Luis Sanchez, and now has a $6 billion market cap it’s hard to believe. The Cynk Technology Corp share price was at around $0.10 and now jumped to a high for $20 a share.
Do you have an opinion on this story, and the use of Twitter bots to increase stock market share prices? Currently this is just speculation, but something doesn’t seem right and Twitter is being used by certain companies to falsely increase the popularity of stock, products, and services.
Also See: Twitter down in the UK momentarily