Analysis: Many TikTok creators, Reddit moderators and YouTube personalities now give advice about stocks, cryptocurrency and trading strategies
In early 2021, a group of everyday investors on Reddit turned a struggling video game retailer into a global headline. GameStop’s share price didn’t just rise; it exploded. Hedge funds lost billions, and a new term, “meme stocks”, entered the public imagination.
But this was more than a quirky side story about online forums. It was an early warning that financial markets are no longer driven only by analysts, brokers or corporate earnings reports. They are increasingly shaped by attention and influence on social media and by people who command audiences, frame narratives and, in doing so, move prices.
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From RTÉ Radio 1’s The Business, Lynn Hunter from the Collaborations Agency and influencer Dev Skehan on how to profit from the world of influencing and online content creation
While many of today’s influencers are still just promoting trainers or make-up, some are shaping financial markets. These aren’t necessarily TV pundits in suits, but TikTok creators, Reddit moderators, Twitter posters and YouTube personalities who talk about stocks, cryptocurrencies, artificial intelligence and trading strategies.
When online buzz becomes a market force
In the wake of GameStop, meme stocks such as AMC, Nokia and BlackBerry all experienced multiple explosive price surges over time, closely tied to waves of social media attention. Even more striking, these surges often coincided with sharp price moves in cryptocurrencies like Bitcoin and Ethereum despite no obvious economic link between a video game retailer and a digital token.
The common thread was not fundamentals, but shared excitement and attention online, In simple terms, when a large enough group of people focuses on the same asset at the same time, prices start to move. Influence turns into market force.
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Why this matters in 2026
Today’s investors trade on their phones and information travels instantly. A viral clip praising an AI stock or a crypto token can reach millions within hours. When enough people act on that information at once, the market impact can be swift and substantial.
For some, this has been a gateway into investing. Social media has lowered barriers to entry and drawn younger generations into markets that once felt distant or inaccessible. That’s not trivial.
But there is a downside. When narratives — sometimes optimistic, sometimes misleading — replace careful analysis, risks rise. Prices can drift far from underlying business realities. Bubble-like behaviour becomes more frequent and losses can spread quickly when enthusiasm fades.
READ: Would you take financial advice from an influencer on TikTok?
Where influence crosses into risk
The issue is not simply that influencers talk about markets, but it’s that many followers trust and act on what they say. Younger investors, particularly Gen Z, are heavily influenced by financial content on social media. A survey by Australian corporate regulator ASIC found that one-third of people in this age group follow at least one financial influencer, and almost two-thirds reported changing at least one financial behaviour as a result.
This has turned “finfluencers” (or financial influencers) into powerful market voices. Unlike licensed financial advisers, many of these are not necessarily qualified or regulated. Some share personal opinions or experiences, while others promote complex, high-risk products, such as leveraged derivatives, with little explanation of the downside.
Regulating the new market influencers
As the influence of finfluencers grows, they’ve caught the attention of regulators. There is concern among financial watchdogs that some could cause real harm by encouraging risky behaviour or promoting products without proper oversight.
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In Australia, corporate regulator ASIC warned as early as 2022 that social media influencers who discuss financial products are not outside the law. They made clear that influencers can breach the law by giving unlicensed financial advice or making misleading claims, even if they do not see themselves as professionals.
That warning has turned into enforcement. In June 2025, ASIC issued warnings to 18 Australian “finfluencers” suspected of giving unlicensed or harmful advice, particularly around high-risk investments. ASIC chair Alan Kirkland cautioned that popularity does not equal credibility, noting that some influencers were not qualified to give advice and were promoting complex products that could cause “real consumer harm”.
But this is not just an Australian issue. Regulators worldwide are coordinating responses. In 2025, the UK’s Financial Conduct Authority led a global crackdown involving regulators from Australia, Canada, Europe and beyond, resulting in arrests, warning notices and hundreds of takedown requests. The message was blunt: promote financial products without authorisation, and consequences will follow.
Online financial content may be entertaining, but it should be treated with caution
Debates continue about the best way to navigate the balance between freedom of expression, financial education and protecting investors from bad advice. However, for finfluencers’ followers, the lesson is simple. Online financial content may be entertaining, but it should be treated with caution. Checking whether someone is licensed or authorised is essential rather than optional.
What this means for you
For everyday investors, it’s about knowing where your financial information comes from and how much weight it deserves. Social media creators can be useful sources of ideas and perspectives. But when it comes to real investment decisions, especially those involving significant sums, it’s worth pausing to ask a few basic questions. Is this person qualified? Do they have something to gain from promoting this product? What are the risks, and how to mange them?
If the answer to any of those is unclear, it may be time to step back and seek advice from licensed and experienced professionals. Markets may move faster than ever, but so do the risks.
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The views expressed here are those of the author and do not represent or reflect the views of RTÉ
