April Fool’s Day jokes can sometimes go too far, especially when they involve the financial market and international investment giants. Recently, a April Fool’s Day hoax from a Taiwanese internet celebrity, “Mo Gu Si Ta Ke,” caused quite a stir worldwide.
Stock market reacts immediately
The Financial Supervisory Commission (FSC) launches an investigation
Internet celebrity “Mo Gu Si Ta Ke” issues a public apology
Serious consequences of market manipulation
On April Fool’s Day, “Mo Gu Si Ta Ke” posted what appeared to be a report from Bloomberg on Facebook, claiming that Warren Buffett had bought back all the stocks of Taiwan Semiconductor Manufacturing Company (TSMC). This news quickly spread among various media outlets and investors, and even international media reported on it, causing a significant impact.
As a result of this news, TSMC’s American Depositary Receipts (ADRs) rose strongly by 4% on April 1, driving TSMC’s stock price on the Taiwan Stock Exchange to 790 NTD, contributing to an increase of approximately 160 points in the overall market.
Facing this unexpected event, Taiwan’s financial regulatory agency quickly intervened and launched an investigation. Huang Hou-Ming, the Deputy Director of the Securities and Futures Bureau, stated that they had received complaints from investors and instructed the Taiwan Stock Exchange to initiate surveillance and verification mechanisms. If any illegal behavior is found, strict punishments will be imposed by law to protect the interests of investors.
According to relevant laws, spreading false information in an attempt to influence the stock market may result in a maximum sentence of 10 years in prison and a fine of up to 200 million NTD. This incident also serves as a reminder to the public to approach online information with caution, especially when it comes to financial investments.
After the incident escalated, “Mo Gu Si Ta Ke” realized the severity of the situation and issued a public apology, explaining that it was just an April Fool’s Day joke. He emphasized that he did not engage in any trading activities during the incident and did not personally profit from the information.
The consequences of this April Fool’s Day joke not only put “Mo Gu Si Ta Ke” at legal risk but also brought some chaos to the financial market. The speed and influence of online information dissemination are enormous, and responsible sharing and handling of information are crucial for everyone.
In the cryptocurrency community, it is more common for internet celebrities, key opinion leaders (KOLs), or media outlets to spread false news. Although financial regulators rarely enforce market manipulation in the cryptocurrency market, as regulation develops, it is important to be cautious and aware of the risks of breaking the law.
(Taipei FSC targets cryptocurrency investment advisors! p1trader/TCDAO claims to be the world’s number one Binance contract, listed as an illegal securities investment advisor)
TSMC
Warren Buffett
April Fool’s Day
FSC