Millions of users visit financial social media (FSM hereafter) platforms daily, contributing their thoughts to the global online financial community. These platforms have far-reaching impacts on various aspects of the financial market. They have become hotspots for individual investors, provided institutional investors with new ways to gather information and trade, prompted businesses to rethink corporate governance and investor relations, and captured the attention of researchers exploring the significance of online discussions. Below is a detailed discussion of the implications of FSM platforms for each party.