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EinatYahav to Not The Onion@lemmy.worldEnglish · 1 year ago

Lyft CEO says ‘My bad’ after earnings typo sends stock up 60%

www.theguardian.com

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Lyft CEO says ‘My bad’ after earnings typo sends stock up 60%

www.theguardian.com

EinatYahav to Not The Onion@lemmy.worldEnglish · 1 year ago
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The company had predicted it would grow by 5% in 2024, but later said that the real increase would be a factor of 10 lower
  • Tremble@sh.itjust.works
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    1 year ago

    If a typo can change a stock this much then the whole stock market is fraud.

    • bstix@feddit.dk
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      1 year ago

      Noooo?! These guys wear suits and ties, so it’s super cereal.

    • Xeroxchasechase@lemmy.world
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      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

    • roguetrick@kbin.social
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      1 year ago

      Eh, they’re off hours traders anyway. They’re gambling speculators by definition. Who cares about 'em.

    • bradorsomething@ttrpg.network
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      1 year ago

      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.

    • anarchyrabbit@lemmy.world
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      1 year ago

      Retail traders have zero chance against the big corps and hedgies. Manipulation is rife

    • intensely_human@lemm.ee
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      If misreported data makes the system not work, that just means the system’s designed to work on real information not fake information.

      • Emotional_Sandwich@lemmy.world
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        1 year ago

        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.

        • ieatpillowtags@lemm.ee
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          1 year ago

          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.

          • Emotional_Sandwich@lemmy.world
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            1 year ago

            Good point. I guess we’ll see where this goes.

    • magikmw@lemm.ee
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      1 year ago

      We had more concrete evidence of that for a long time.

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