Moore Stock (摩股史塔克), a stockmarket-related social media influencer in Taiwan, yesterday apologized for fake news he posted claiming US investment guru Warren Buffett had rebuilt his position in shares of contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電).
In a Facebook post, Moore Stock admitted that he made a mistake by fabricating news that purported to be from Bloomberg News on Monday, April Fools’ Day, about Buffett’s repurchase of TSMC shares, adding that he regretted his actions.
The fake Bloomberg news story cited by international news media pushed up TSMC’s American depositary receipts (ADRs) by 4 percent on Monday, and the high-flying ADRs boosted TSMC shares on the Taiwan Stock Exchange (TWSE) by 2.60 percent to close at the day’s high of NT$790 yesterday.
Photo: Kelson Wang, Taipei Times
Led by TSMC’s strong showing, the TAIEX rose 244.24 points, or 1.21 percent to close at a new high of 20,466.57.
Moore Stock said the reason he faked the news about Buffet’s purchase of TSMC shares was because he saw many people cracked jokes on April 1 and he just wanted to participate in the April Fools’ Day activity.
He added the story was translated into English using artificial intelligence (AI). The popularity of AI applications has propped up TSMC shares significantly in recent sessions as demand for the chipmaker’s high-end processes has risen.
Moore Stock insisted he and his friends did not make any profit because of the fake news about TSMC.
He said he would refrain from filing any comments on the Internet in the upcoming days.
“I will turn cautious about my words and will never make a mistake like this,” Moore Stock said. “I will humbly accept advice from all sages in society. I sincerely thank you for your advice.”
In response, a netizen told Moore Stock on his Facebook page that he could not make fun of anything he wanted even on April 1, voicing the suspicion that the fake information was used to move the stock price for profit.
Another netizen said Moore Stock could face an investigation by the Financial Supervisory Commission.
The commission has received complaints from investors about the fake news produced by Moore Stock, and instructed the TWSE to monitor the case and if any violation of law is proved, the exchange would send the case to prosecutors for further investigation, Securities and Futures Bureau Deputy Director-General Julian Hwang (黃厚銘) said yesterday afternoon.
Citing the Securities and Exchange Act (證券交易法), Huang said anyone convicted of spreading false information in the market faces a jail term of up to 10 years and a possible fine ranging from NT$10 million to NT$200 million.
Huang said there is a mechanism in the stock market to protect investors as the Securities and Futures Investors Protection Center would help investors seek redress if they suffer losses due to violations of securities and exchange rules.
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