Slashdot Mirror
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%.
I hope these clowns bankrupt themselves one day with their stupidity.
No, based off what happened last time, they don't go bankrupt. They don't go to jail.
Everyone else's retirement funds take a huge hit and lose value, but assholes^H^H^H^H business leaders like this are too important to fail.
Grammer Nazis - I mod you "troll" unless you actually add something on-topic. Yes, I know I have mispellings in my sig.
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.
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.
It wasn't only bad loans.
It was the wholesale fraud which happened when bankers packaged up bad loans, and with the help of ratings agencies passed them off as AAA investment, and then hoodwinked the rest of the world into buying it. It was a scam on a massive scale.
Essentially Wall Street and the financial industry made HUGE mistakes in who they loaned money to, and the lied to everybody else as they pawned off the debt.
It was a fucking pyramid scheme, ran by con artists, and then foisted off onto everybody else.
Had it only been bad loans, the idiots who made those loans would have been the ones to get hurt. But this was basically kiting checks and outright falsifying documents.
This wasn't caused by people who bought houses they couldn't afford. This was theft by the financial industry to cover their own stupid losses.
The scam could only have worked because the ratings agencies are complete whores who don't actually do anything meaningful other than "if you pay us, we'll say anything you want".
Lost at C:>. Found at C.
Most stocks fluctuate more than 1% in a day.
Outside of a market crisis, they sure as fuck do not.
Yes they do. Besides Tesla, other companies that fluctuated more than 1% today include Microsoft, General Motors, Exxon, etc. Small companies tend to fluctuate even more. Perhaps you are thinking of the overall market average, which tends to fluctuate far less, because the individual companies generally do not move in unison.