In the space of fewer than 140 characters, billionaire investor Carl Icahn sent Apple’s stock price soaring. Less than two hours later, Apple shares had closed up by nearly 5 percent at just under $490 (still way off its 52-week peak of $705.07).
Icahn followed up with another tidbit a few minutes later:
Icahn did quietly prep the world yesterday for his big social media splash. According to an Icahn Enterprises SEC filing made yesterday: “Our Chairman, Carl C. Icahn, intends to use Twitter from time to time to communicate with the public about our company and other issues.”
Icahn Enterprises specifically citesSEC guidance from a few months ago that companies can use social media to disclose financial data. But tweeting about a private meeting with the chief executive of a publicly traded company not your own doesn’t feel like the use case the agency anticipated.
This isn’t the first time Twitter has moved markets. Still, it’s a powerful reminder of new technology’s unintended consequences. Jack Dorsey may be a fan of Apple, but this probably wasn’t what he had in mind a few years ago when he came up with a way to use text messages to keep track of his friends.