Instant Death by Social Media
"The speed of communications is wondrous to behold. It is also true that speed can multiply the distribution of information that we know to be untrue." -- Edward R. Murrow
Gov Nikki Hailey: One Twitter Rumor Really Hurt My Career
South Carolina Governor Nikki Hailey: She's been called the next Sarah Palin -- and was reportedly even considered by Mitt Romney's campaign as a possible Veep candidate.But Nikki was the subject of an out of control rumor on Twitter and has now become a case study in politics, journalism, and social media.
Here's what happened: a relatively unknown South Carolina political blogger reported that sources had told him Nikki was not only under investigation by the feds for tax fraud, but would be indicted very soon. The post was then shared via Twitter where it spread like wildfire.
Within minutes, it was retweeted by respected political journalists and reblogged across the Internet. Within three hours, it was reported on Drudge Report. By the next morning, it was on the front page of South Carolina's biggest newspaper.
And, now, we know the story isn't true -- it only took reporters, being unable to confirm the story with any sources, and the IRS writing a letter to clear Nikki.
Media and journalism experts are already citing the story as a prime example of what happens when digital journalists, competing in a 24-hour news cycle, use social networking sites to find stories.
Ouch!
Twitter rumor leads to sharp increase in the price of oil
On social networking site Twitter, information can spread almost instantly - news of Whitney Houston's death hit Twitter mere moments after it happened (and nearly an hour before reported by the media).
But there's a downside to that speed. When a rumor about the president of Syria's death hit Twitter, it was circulated faster than it was debunked, leading to a sharp, quick increase in the price of oil on the commodity markets.
The rumor was started at 9:59 a.m. Eastern time on a Monday by a Twitter account that claimed to be of a Russian government official. That news, as well as the two follow-up tweets that supposedly confirmed the death, spread like wildfire over Twitter. In the 10 o'clock hour alone, the price of a barrel of crude oil jumped from $90.82 to $91.99. The price came down again as news that the rumor was false began to spread across market trading floors.
Commodities markets are frequently impacted by rumors, though this is one of the first times that social media has affected the price of crude so directly. "A well-placed story can move the market, and that looks like what happened," explained Phil Flynn, an analyst with Price Futures Group, to The Wall Street Journal.
[Image credit: from Bing. This article was written in part by Fox Van Allen and originally appeared Tecca
