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Drifting away from the realm of conventional nuances that point out to the impact of Social Media, we digress slightly to a first time event that warrants the significance of it in present day. Here’s an instance that internally rattled one of the world’s biggest organizations- Wall Street, of what its business model is primarily based on -‘dissemination of information’.
What are we talking about?
We are referring to Wall Street and certain market shaking information that was first pointed out by twitter, way before the information even reached and got cleared by Wall Street’s compliance team.
A bit unthought-of, having Twitter and Wall Street being used in the same sentence. But it happened, and the world watched as Social Media made its way into the biggies of the Global corporate world.
In simple words, big banks in the Eurozone country of Cyprus were on the verge on bankruptcy on Saturday, 23rd March. To avoid this predicament, they asked big financial institutions for a loan that amounted to multiple million dollars.
Not surprisingly, this is big news for individuals who have parked a lot of their money in the financial markets in the form of investments and the faster they received such news, the better for them.
So where does Twitter feature in all this?
With such important events occurring and no one there to spread the word about it, two men from the world of finance viz. Kit Juckes and Sebasties Galy, who also happen to be extremely Twitter-Savvy came the fore and tweeted about this, which only uplifts the impact of Social Media.
This ensured availability of information in the tip of the hands for the investor world. They not only tweeted about what was happening but also wrote blogs on it and it’s provided links that connected to the broader story.
And all Wall Street could do at times like these was to wait for the following Monday morning to get back to work again.
Twitter provided for everything that was needed with its tweets, be it
- Reactions over what markets would look like on Monday morning.
- Debates over moving prices.
- Investor tips.
- Freedom to express opinion without having Wall Street’s regulatory issues bother you.
What does this mean for twitteraties?
The community just widened. Social Media took to the streets and dominated supply information, a phenomenon that was monopolized by Wall Street in its field. Communities are aware that they can use this mode of communication too and have nothing to worry about. This event also introduces a massive chunk of people to the world of twitter.
In a situation like this the superior player who has been in the business for years, in this case Wall Street, lands up buying the outperformer to assist them as part of their operations. But in this case both the sides are so big in their respective fields that it is almost impossible to imagine such a thing,
So do we speculate collaboration then? It would indeed prove to be a formidable alliance with the world’s biggest information providers joining hands to do what they do best. And what would this mean for Social Media giant Facebook and Google? Would they change their strategies to tackle such an alliance and further substantiates the impact of Social Media?
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