How Does an Online Influencer Manipulate the Stock Market?

We construct a two-period Kyle model to investigate how a financial online influencer manipulates the stock market. Given that an online influencer usually has many loyal fans, he firstly places a random order in the market and transmits the order signal to his fans, and then engages in predatory trading in the second period. We provide a sufficient condition for the motivation of the influencer manipulating the market. With the increase in the number and loyalty of fans, the market liquidity is improved while the influencer enhances the intensity of predatory trading resulting in worse deteriorated price informativeness