This is my personal blog so I have opinions. Most people disagree. I like that.
I have many opinions about Social Media and the SEC. The Wall Street Journal is out with their interpretation of new SEC statements saying that ‘The SEC Embraces Social Media‘. A stocktwits community member – Brad Loncar – does a much better job at interpreting the news.
First off, Social Media is a dumb term. Media is media. There are people in the media that understand social, but they are drowned out by their media companies being media businesses.
The phenomenon we are a part of is the social web. That social web is now mobile. Soon the internet will socialize us with our things and other peoples things. That’s cool. ‘Things’ are cooler than media. I would rather hear from my fridge door than most media companies.
Back to the SEC and The Wall Street Journal. It’s hard to trust either.
The SEC embraces nothing. They can’t. They are not huggers.
The Wall Street Journal rushed to a headline because they are media and they wanted eyeballs.
I have spent the last 24 hours trying to interpret what the hell the SEC is really saying. I believe they are just trying to say use some common sense as technology and the social web evolve. That’s a vague but great move.
At Stocktwits, we have been applying as much common sense to things around stocks and markets the last 5 years as we can…like:
People like to share ideas
Curation is hard but worth almost everything and the community is willing to curate with you.
Novice investors and traders like to mingle with professionals and vice versa.
Technical traders will mingle with fundamental value seekers.
Rules matter and if they are clearly stated and thoughtfully enforced, communities can thrive (learn, mentor, make a little coin). We added some basic financial features like the abilty to create disclosures/tracking and the removal of the delete function to ensure trust is at the forefront.
No matter what others call us or think, Stocktwits is a NEWSWIRE. Information is flowing from one to many, all day, every day and it is full of context.
We built a Stocktwits Investor Relations product last year for the public companies willing to apply some common sense to news dissemination in a world of the social web. It is working. Fedex, Safeguard Scientifics, Linkedin, Verizon and a hundred plus other public Companies use Stocktwits to share information. We don’t care if it’s first as long as it’s timely. That’s what we preach. The algos and hedge funds are not who we are in business for. I know for a fact they drive the IR departments crazy at public companies. They sap their budgets and energy. They break things. Bringing the average investor back to the markets is not about speed of news, it is about delivering information in the streams where people spend their lives on the social and mobile web.
We plumbed a lot of the financial web to make sure a message sent from Stocktwits gets seen…take a look:
With our new API, hundreds of financial developers are building Stocktwits into their apps and websites so the messages will be seen even further.
None of this is really new news, it’s just common sense. I am proud of our team for following through on this vision.
If you work at a Public Company or have friends at Public Companies, please share this post and have the IR and Corporate Communications department reach out to me to onboard them onto Stocktwits.