Some unusual online behavior from major broker Citadel Securities recently:
“Refuse to believe an American landed on the moon.” Does this sound like a normal PR department of a major company?
Not remotely. With the hyperbole and mudslinging, Citadel Securities sounds like an online troll.
The Financial Times notes that the firm has rarely said anything online. Indeed, its last tweet was from January.
This behavior strikes me as unhinged and speaks to dysfunction within the company. Why would the largest processor of stock trades in America get into online trashtalking?
If this slipped past management’s filter, I’m willing to bet a lot of other things have to.
And that’s where the lawsuit comes in. A suit in the US District Court for the Southern District of Florida alleges that Citadel pushed Robinhood to restrict trades in shares of AMC, GameStop and other meme stocks to benefit its associated hedge fund.
Both sides have already admitted meeting shortly before the restriction, but deny anything inappropriate happened.
Citadel seems to be getting desperate in fighting these allegations. And if they’re trolling on Twitter under their company account, I wonder where else they’re pushing their narrative.
I would not be surprised to see reports of Citadel employees pushing the company line under their personal accounts or pseudonyms. And with botnets available for just a few hundred dollars, why not?
Something has gone wrong inside this company.
It may take a federal court to sort it out.
More on markets:
AMC Fails to Deliver Are 40,000 Times Amazon’s, Per Latest Data
Will Evergrande Spark a Global Financial Crisis?
AMC Has Burned Short Sellers for $4 Billion in 2021, Per Latest Data
Photo: “Ken Griffin” by DanGPhotos1 is licensed under CC BY 2.0
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