April Fools' Day jokes can sometimes go too far, especially when it involves financial markets and international investment giants, and the consequences may not be so funny. Recently, an April Fool’s Day fake news piece by a Taiwanese Internet celebrity named “Stock” caused quite a stir around the world.
Internet celebrity jokes affect stock market fluctuations, regulators launch investigation
On April Fool's Day, "Morgan Stock Stark" posted a report on Facebook that was suspiciously like "Bloomberg", claiming that Buffett had bought back all the shares of Taiwan Semiconductor Manufacturing Company (TSMC). This news was quickly forwarded by many media and investors, and was even reported by international media, causing considerable impact.
The stock market responds
Affected by this news, TSMC's American Depository Receipts (ADRs) rose strongly by 4% on April 1, driving Taiwan's TSMC stock price to climb to 790 yuan, a new high, contributing about 160 points to the market.
The Financial Supervisory Commission intervenes in the investigation: if there is any violation, the maximum penalty is ten years in prison and a fine of 200 million
Faced with this sudden incident, Taiwan's financial regulatory agencies quickly intervened in the investigation. Huang Houming, deputy director of the Securities and Futures Bureau, said that he had received complaints from investors and directed the stock exchange to launch a supervision and inspection mechanism. If illegal conduct is discovered during the investigation, severe penalties will be imposed in accordance with the law to protect the interests of investors.
According to relevant legal provisions, those who spread false information in an attempt to influence the stock market may face up to 10 years in prison and a fine of up to NT$200 million. This incident also reminded the public that they should be cautious about online information, especially when it comes to financial investments.
Internet celebrity "Stock" publicly apologizes
After the incident broke out, "Morgan Stark" realized the seriousness of the situation, issued a public apology, and explained that it was just an April Fool's Day joke. He stressed that he did not conduct any trading during the incident and did not use the information for personal gain.
Market manipulation has serious consequences
The consequences of this April Fool's Day joke not only put "Morgan Stock Stark" himself in legal risk, but also brought a certain amount of chaos to the financial market. The speed and influence of information dissemination on the Internet are huge. Sharing and processing information responsibly is very important for everyone.
In the crypto community, it is more common for internet celebrities, KOLs or media to spread false news. Although financial supervision rarely enforces the law on manipulation of the cryptocurrency market, with the development of supervision, we must be careful to guard against the risk of breaking the law.
(The Financial Supervisory Commission targets investment consulting in the currency circle! p1trader/TCDAO claims that Binance Contract is No. 1 in the world and is listed as illegally operating securities investment consulting)
This article "Warren Buffett buys back TSMC" Internet celebrity's April Fool's Day joke caused international controversy, the Financial Supervisory Commission: fined up to 200 million first appeared on Chain News ABMedia.
