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Tesla's April Fool's Joke Spoofs Market Algorithms

Posted by timothy on from the be-prepared-for-next-year dept.

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%.

4 of 163 comments (clear)

  1. Wow, a whole 1%? by Enigma2175 · · Score: 4, Interesting

    A 1% move on an individual stock is not that much, is this really a big problem?

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    Enigma

    1. Re:Wow, a whole 1%? by Defenestrar · · Score: 3, Interesting

      1% in a day is more than enough for a pump and dump! I'd love a portfolio which could make me 1% per day. Generally I'm happy with anything above 7% in a year. Good news here is that the increased volume didn't trigger additional artificial pumping by other auto-buyers.

    2. Re:Wow, a whole 1%? by Anonymous Coward · · Score: 5, Interesting

      Anecdotal of course, but it sure seems like the announcement caused a massive spike in trading.

      Once the algos learn to discount press releases on April 1st, that's when companies start scheduling their bad news for that date.

  2. Holy crap ... by gstoddart · · Score: 4, Interesting

    The problem is that Bloomberg's fast response team did not. The algos, on massive volume, spiked TSLA stock higher by nearly 1%

    So the stock market is being actively manipulated by idiots?

    As usual, these people are just parasites on the financial system looking to skim off money before everyone else has a chance.

    High frequency trading is essentially skimming off the top for yourself without having done ANYTHING other than having a faster connection.

    I hope these clowns bankrupt themselves one day with their stupidity.

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    Lost at C:>. Found at C.