Finfluencers mislead investors on purpose
Charlie Munger, Warren Buffett’s business partner, criticized day-trading influencers for misleading inexperienced investors.
Munger compared following finfluencers to taking heroin, calling it stupid.
Financial literacy remains a problem, with 42% of Americans aged 18 to 29 seeking financial advice on social media and only 48% of adults able to answer more than half of financial questions correctly.