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Elon Musk’s proposed hostile takeover of Twitter will be a fascinating battle that will have consequences far beyond the stock market. It is exposing just how financially strange social media and conventional media have become.
The controversy over the shares of US video game company GameStop has again exposed what has long been obvious: there is something seriously rotten in the state of the world’s financial markets. It was a battle between a hedge fund, Melvin Capital, which manages $US13 billion, and a small group of ‘amateur’ investors who communicated with each other on a Reddit forum called WallStreetBets.