Bot Hurts Twitter Stock Price
April 29th, 2015 | by Kevin James Krotz
Twitter is hurting today after a bot released their financial results before the company could officially announce them, causing the stock to drop 18 percent.
Selerity, a relatively unknown financial tech startup uses a bot to scan financial results-related URLs, published Twitter’s quarterly results before the company could even get a chance to announce them. Twitter stock then proceeded to drop by 18 percent, finishing the day at $42.27 per share.
Selerity later tweeted that the discovery of Twitter’s results were not from any kind of hack or a leak, but from a part of Twitter’s Investor Relations website.
— Selerity (@Selerity) April 28, 2015
A similar situation occurred back in January 2011, when Selerity found Microsoft’s results before the market closed that day. Selerity founder Ryan Terpstra told Forbes that the release “was in a public area of their web site, we confirmed that it was in the public portion of their web site and it was a valid earnings release, and we put the information on our platforms.”
Twitter’s financial results show that the social media giant lost over $162 million in the first quarter of 2015, which is $30 million more than it lost last year at this time. The company has lost over $1.5 billion between 2010 and 2014.
Source: Ars Technica