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Finfluencers
The social media activity of financial influencers (``finfluencers‘‘) can propagate and amplify poor investment advice, especially if less skilled finfluencers are more active and their tweets attract more followers. Using tweet-level data from a popular stock-picking platform, we show most finfluencers are unskilled or ``antiskilled,‘‘ producing negative abnormal returns, while a minority demonstrate skill. Unskilled and antiskilled finfluencers are more engaging, post excessively optimistic tweets that precede price reversals, and attract larger followings than skilled finfluencers. Consistent with a model where social media prioritizes engagement over skill, this leads to the spread of false advice and distorted belief aggregation.
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