A massive stock market swing on Monday, amounting to multi-trillion dollars, was sparked by erroneous reports circulating on Elon Musk's platform, X. The chaos began with a misconstrued statement from Kevin Hassett of the National Economic Council during a Fox News interview. A false headline claiming President Trump was considering a 90-day pause on tariffs quickly went viral, fueled by accounts with verification badges, leading to a market rally. Major news outlets soon reported the false news, which was later denied by the White House, illustrating X's role in propagating misinformation and its tangible effects on financial markets.
The rapid spread of misinformation on social media illustrates not only the platform's power but also the ease with which falsehoods can disrupt markets.
Experts point to the incident as a case study demonstrating how quickly rumors can propel market dynamics, often with little to no factual basis.
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