Did a Fake Costco Tweet About Hot Dogs Tank the Stock Price?

Does the U.S. economy hinge on Costco hot dogs?

On Wednesday, a PARODY account on Twitter claimed that for the first time in almost 40 YEARS, Costco was raising the price of their in-store hot dog and drink combo.  The combo has famously stayed at $1.50 since 1985.

The Tweet claimed they were bumping it up $1.00 to $2.50 “due to inflation.”  Naturally, that sent some people into a FRENZY before they stopped to verify it.

It fooled a TON of big accounts on Twitter . . . including the official House Republicans account . . . even though the source was an account named “John W Rich Kid (Wendy’s Fry Cook).”  (???)  (It’s unclear if they ever figured out it was a fake.  Their response is still up.)

And it MIGHT have even spooked Wall Street.  Right when the Tweet was first making the rounds on Wednesday, Costco’s stock went into a 13% nosedive.

Some people think the Tweet may have contributed . . . but it was probably a coincidence.  Stocks for similar companies also tanked that day.  And Costco’s stock did NOT rebound yesterday after everyone figured out it was a hoax.

 

 

(Mel Magazine)