Meet the fin-fluencers: Raised on social media, fueled by boredom and flush with stimulus checks - scores of newly-minted zillennials are shaking up the stock market on TikTok
The TikTok hashtag #stocks has amassed three billion views on the mobile video app as more and more millennials and Gen Z turn to the platform to learn about the stock market
These amateur investors have put day trading back in vogue after experiencing the March Covid-19 stock market crash and its record-fast recovery - all they know is that stocks always go up
The investment strategy of many Gen-Zers and millennials is to buy high-risk momentum stocks - and a speculative fever has taken over social media in a frenzy of meme-stocks viral financial advice
Why Gen Z traders are turning to TikTok for stock tips and money advice
The hashtag Stocktok has 200 million shares while FinTok has 80 million
Charli D Amelio, the most popular TikTok user, has even invested in a fintech start-up
Credit: Step
“I am just so excited right now,” blurts a TikTok user going by the name of CryptoBossAndrew. “Alt-coin season has officially begun. It’s up 40pc in the last hour. Woohoohoo!”
It is the world’s fastest growing social media platform, rocketing in popularity around the world especially among teenagers and twentysomethings.
Now TikTok has discovered financial advice, or so-called “fintok”. Day-traders, cryptocurrency enthusiasts and side-hustlers are trying to make money buying shares and detailing their exploits on the Chinese social video app.