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China’s Weibo Bans Stock-Tip Accounts With Millions of Followers

  • Move is part of campaign to cleanse ‘harmful’ online content
  • Pundits have touted advice on indexes, stocks, macro policies

One of China’s largest social media companies closed stock-tipping accounts with millions of followers as it heeds Beijing’s call to cleanse content deemed harmful to the country’s economy.

Weibo Corp., which operates the country’s Twitter-like website with about half a billion active users, shut down at least 52 user accounts due to violations of new rules on economic and finance-related information, according to a statement late Wednesday. The largest account -- called GuSheQu or “Community of Stocks” -- had 3.25 million followers.