The SEC charged eight social media influencers, including Zach Morris with 550K followers, for a $100 million pump-and-dump scheme. They hyped stocks on Twitter then sold their own holdings without telling followers. The host contrasts this with his own policy of clearly labeling sponsored content.
SEC is charging 8 influencers in a $100 million stock manipulation scheme. Now, who are these and what are they actually getting charged for? Here are the defendants. We have one guy named Mr. Zach Morris who has a very large audience, 550K. The document goes on to name the others. We have PJ Matlock, Tommy Koops, Mystic Mac, and these are a bunch of stock influencers. And I haven't heard of any of these guys actually, although they do have large audiences, but they talk about stocks. This whole document outlines tweets showing them basically pumping a stock to their followers and dumping. But the thing is, they did not disclose that they were going to sell. They basically pumped the stock to their followers and then dumped undisclosed. This court document literally looks like a ZachXBT thread. I'm assuming we're going to start seeing more of these. You guys know on my channel, if we're selling something, I'm going to let you know that I'm selling. So any sponsored content here is labeled and verbally disclosed.
