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(EMAILWIRE.COM, June 09, 2013 ) San Francisco, CA -- Monday, Twitter suffered one if its biggest outages in its history following an error in “routine change” the microblogging site.
According to a statement, the company said the site was not available from 1:08pm PT to 1:33pm PT. A mere 25 minutes. For the 200 million Twitter users, that was a while.
A single tweet can ding the stock markets. We saw that earlier this year when a tweet from the Associated Press claiming there had been an explosion at the White House. APÂ’s account had been hacked and there was no explosion, but stocks for the company plummeted that day.
While the stock market dipped only momentarily, the effect that Twitter can have on it is now evident.
Bloomberg terminals feed stock and share information, but also real-time news information (including those from Twitter) so that electronic traders can make decisions in a heartbeat. One of the reasons why Dow took a sudden plunge earlier this year following the fake AP tweet was due to automatic trading systems (or ATS). They "saw" something and reacted.
"No human being believed the story," Conifer Securities, director of equity trading Rick Fier said to Bloomberg in April. However, because it was seen by an ATS, it affected the stock market.
The moral of the story is that when Twitter is down, Wall Street is working with one eye closed. Far from blind, but it makes the job more difficult, since so many news stories get reported to Twitter and much of whatÂ’s going on can be seen from the social media microblogging site.
Now, Twitter has as much of a responsibility to the people on the ground in rapidly politicallychanging countries, to activists, reporters and ordinary users as they do with the financial market. Now perhaps, it will be more quick to fix errors and perform regular site maintenance in a timely manner.
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Source: EmailWire.com
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