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Tesla's April Fool's Joke Spoofs Market Algorithms
Okian Warrior writes Yesterday, Tesla's twitter feed and blog announced the new "W" Model. Meaning "Watch" (as in "wristwatch"), the announcement Included a photo of a watch spouting a cumbersome "Big Ben" glued to the face and including this text: "This incredible new device from Tesla doesn't just tell the time, it also tells the date. What's more, it is infinitely adjustable, able to tell the time no matter where you are on Earth. Japan, Timbuktu, California, anywhere! This will change your life. Reality as you know it will never be the same." Clearly, this was an April fool's joke as anyone who reads more than just the headline would immediately guess. The problem is that Bloomberg's fast response team did not. The algos, on massive volume, spiked TSLA stock higher by nearly 1%.
When you're trading in volume by the millisecond for pennies, a $2 swing for an April Fools joke would be a pretty big deal I'd think.
Excuse me while I play the worlds smallest violin for the financial addicts on Wall Street.
You want to gamble by the millisecond, learn to live with winning and losing at that same rate.