A new report revealed that one in five tweets about Tesla over the past ten years were bot-generated, and that the company may have used Twitter bots to manipulate its stock price. This reveals that popular online platforms are prone to manipulation by large stakeholders who wield undue influence. With public distrust in big tech currently at an all-time high, an exodus of users to smaller, more trustworthy communities could be in store.
Tesla “bots” — From 2010 to 2020, Tesla lost an accumulated $5.7 billion, yet its stock price reached unforeseen heights. A study of 186 Tesla-focused bots found that the stock shot up 2% after the launch of each. Bots may have played a large role in the company’s initial growth, as operational results seem largely detached from its $1 trillion market value. Although Twitter periodically clean-ups accounts run by bots, it is estimated that over 15% of active Twitter users are bots. They can be programmed to send threatening messages to critics of companies or amplify narratives to relieve downward pressure on stock prices. Now that Elon Musk has a 10% stake in Twitter, he could use his influence to further empower Tesla-focused narratives.
Meta worse — Manipulative tactics are not unique to Twitter, however. Meta has positioned its new metaverse platform Horizon Worlds to let creators sell digital assets and experiences. This in theory sounds like a path to creator empowerment. But yesterday, Meta announced that it will collect a nearly 50% commission on all transactions in Horizon Worlds. In the meantime, Amazon plans to add commission fees to sellers on its platform. And it’s no secret that companies and influencers regularly buy thousands of fake followers on TikTok and Instagram to sway public opinion.
Trust funds — Only 54% of Americans believe big tech will do the right thing with its power. However, some say that convenience could soon outweigh distrust. Others believe that improvements in user authentication will build more trust. Twitter has already begun to roll out new bot labels, but it may be too little too late. The door is open for “micro-community” platforms that give people confidence in the individuals they interact with online. As the problems with distributed networks increase to unsolvable levels, smaller communities that let people self-govern may be the only sustainable path forward.