Individual investors may have sat on the sidelines when shares of Credit Suisse sank this week, but that didn't stop them from placing the bank at the center of a social-media firestorm.
Individual investors scooped up a mere $1 million worth of Credit Suisse's U.S.-listed American depositary receipts on a net basis Monday, the day when trading surrounding Credit Suisse went haywire, according to Vanda Research data.
That was the most in months, though still comparatively small potatoes. The stock that claimed the top spot in terms of purchases that day, according to Vanda? Tesla, with $111 million in net inflows from individuals.
On Monday, shares of Credit Suisse swung wildly in both New York and Zurich, while the cost of insuring Credit Suisse’s debt against default surged, as investors assessed online rumors that the bank was barreling toward financial trouble.
The rumors had begun to trickle out online late last week, and escalated as days went on. Individual investors on social-media forums including Reddit and Twitter were among those who helped fuel the online speculation. Despite no obvious triggers for the sudden turmoil, many poked fun at a bank that some dubbed “Debit Suisse.”
Read more here about how social media stirred a frenzy around Credit Suisse.
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October 06, 2022 at 02:10AM
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