Some TikTok influencers are posting videos of misleading and fake stock and financial tips! The current issue of the popular social media platform shows that Reddit is not the only social platform that is currently being used to provide unreliable investment advice.
According to Tech Radar's latest report, most of these influencers are popular content creators, making it a more serious issue since they can fool many of their followers. TikTok has now officially jumped on the stock market bandwagon ever since GameStock and other small companies' stock values experienced a sudden rise.
Security experts conducted an investigation involving more than 1,000 stock-related TikTok contents. The current study is being conducted by crypto exchange Paxful.
The group discovered 14% of the contents failed to offer any sort of disclaimer that might warn viewers of the risks. If you will combine all the accused TikTok videos, you will have a total of 3.6 million likes and 28.4 million views.
What TikTok stock videos contain
Security researchers claimed that the fake TikTok stock advice videos are suggesting people purchase specific assets as opposed to a broader asset genre or class. They are also usually guilty of suggesting a specific purchase volume or implying guaranteed profit.
On the other hand, the current investigation found out that more than half of the analyzed TikTok accounts had published at least one misleading content. Paxful said that 60% of the accused TikTok influencers failed to include a disclaimer in their bio. Meanwhile, 10% of the content creators offered information about their qualifications.
If you ever see an account that doesn't disclose their bio or qualification, it is advisable not to believe their claims regarding stocks. But, you can still watch their entertainment content.
What you need to do
If you really want to learn more about investing in stock markets and get reliable financial advice, you must visit the best stock advisor websites instead of listening to some unqualified TikTok influencers. Here is the list of the best financial and stock advisor sites you can use. as stated by Trader HQ;
- Motley Fool Rule Breakers
- Motley Fool Stock Advisor
- Zacks Investment Research
- Yahoo! Finance
- InvestTech Research
- Kiplinger's Investment Newsletters
- Seeking Alpha
For more news updates about TikTok and other social media apps, always keep your tabs open here at TechTimes.
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Written by: Giuliano de Leon.