If anyone ever needed objective proof of the power of social media, there was a recent run on a Swedish bank due to (allegedly false) tweets and social media statements. Rumors of bad news sparked real-life bad news for Swedbank and SEB, a Nordic global investing firm, this weekend. In response to a “groundless twitter rumor” (alleged by the banks) that Swedish banks were preparing to withdraw business from the Baltic republic, as many as 10,000 customers withdrew large amounts of money from ATM machines across the region this past weekend. The equivalent of twenty nine million dollars million was withdrawn from ATM machines. Approximately 15 percent of the ATMs in the area had no money afer the run on withdrawals. The banks continued to restock the machines and insist that the run was spurred by “totally irrelevant rumors coming out of social media”...
Paddy Deighan Esq
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