Social media campaigns to boycott a company can be considered market manipulation under certain circumstances, but it depends on the intent, execution, and legal framework in place.

When It Might Be Considered Market Manipulation:

1. False or Misleading Information – If a campaign spreads false claims to harm a company’s stock or business unfairly, it could be seen as manipulation (e.g., spreading fake news about fraud to drive stock prices down).
2. Coordinated Efforts to Influence Stock Prices – If a boycott campaign is organized specifically to crash a stock price for profit (e.g., traders short-selling the stock while promoting the boycott), regulators may view it as market manipulation.
3. Pump-and-Dump or Short-and-Distort Schemes – If influencers or traders initiate a boycott to drive prices down and benefit from the decline, it could be illegal.

When It’s Likely Not Considered Market Manipulation:

1. Genuine Consumer Activism – If customers are simply exercising their right to protest or boycott due to ethical concerns (e.g., labor issues, environmental policies), it’s a normal market response.
2. Public Awareness Campaigns – Educating the public about a company’s actions and encouraging consumer choices is not manipulation unless false or deceptive claims are made.
3. Political or Ethical Protests – If the goal is to drive change rather than manipulate stock prices, it’s generally considered legitimate free speech.

Regulatory Perspective

• The SEC (U.S. Securities and Exchange Commission) and other regulators monitor stock price manipulation, but consumer-led boycotts generally don’t fall under their jurisdiction unless fraud or coordinated stock manipulation is involved.
• In contrast, coordinated attacks by hedge funds, influencers, or investment groups with financial incentives could draw legal scrutiny.