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Lyft CEO says ‘My bad’ after earnings typo sends stock up 60%
(www.theguardian.com)
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this post was submitted on 14 Feb 2024
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What's it called when you fuck up and accidentally make millions of dollars? Oh, right, fraud.
If a typo can change a stock this much then the whole stock market is fraud.
Noooo?! These guys wear suits and ties, so it's super cereal.
Like the top 10% own 90%? Doesn't looks like a fraud, it's just business.
https://www.cnbc.com/2021/10/18/the-wealthiest-10percent-of-americans-own-a-record-89percent-of-all-us-stocks.html
Eh, they're off hours traders anyway. They're gambling speculators by definition. Who cares about 'em.
The market is only real because people believe in it. Unless you plan to be on the board of a company, the stock is worth exactly the expected dividend, which most stocks no longer pay. There is no intrinsic value to a stock… people will pay you a spot price today only because of the expectation they will sell at a higher price later. Without that belief, there is no value.
Retail traders have zero chance against the big corps and hedgies. Manipulation is rife
If misreported data makes the system not work, that just means the system’s designed to work on real information not fake information.
How is a system supposed to know if self reported information is accurate or not? The stock market fluctuates based on bad info all the time.
In theory these kinds of disclosures are heavily regulated, and there are consequences for reporting incorrect info. I’m curious to see if that holds true here.
Good point. I guess we'll see where this goes.
We had more concrete evidence of that for a long time.