David Carr of the New York Times writes about how investors such as Carl Icahn have taken to Twitter to influence stock prices, knowing that the business news media will record their moves.
Carr writes, “First let’s stipulate that unless you are a day trader, much of the business news right now is boring. There is very little deal flow, the mergers of old are gone and, give or take the occasional Twitter initial public offering or a government shutdown, there isn’t much to talk about — unless a Libor scandal or quantitative easing get your blood flowing.
“That means the ink and attention go to the straw stirrers, the agitators, the outliers who make business news and numbers jump off the page and the screen. There’s a reason that the frantic Jim Cramer endures on CNBC.
“It’s also why Mr. Icahn, a 77-year-old with a net worth of $20 billion, when sending out a post or three about Apple, can make big news. He can still shake things up and move the market, enabled by the incredible reach of social media like Twitter or the ample exposure from a TV channel like CNBC.
“Here’s the chronology. Back in August, Mr. Icahn announced in two separate posts that he was buying Apple stock and that he planned to push for large payouts to investors.
“As Fortune magazine pointed out, within an hour of his posts on Twitter, Apple’s market capitalization increased by $17 billion.”
Read more here.
Aruna Viswanatha has been promoted to Washington enterprise editor. She will report to Damian Paletta.…
Bowdeya Tweh has been promoted to Chicago bureau chief at the Wall Street Journal, reporting…
Fierce Healthcare has promoted Heather Landi to executive editor. She has been a senior editor.…
Business news site Quartz has hired Audrey McNamara as breaking news editor. In her role,…
Mark Stenberg of Adweek looks at how publishers such as Bloomberg and Axios are generating…
Reuters has won the National Headiner Award for business news coverage for its stories about…