The Elon Musk effect – here's how the Tesla CEO makes the market go bonkers with just tweets

Feb 5, 2021

By: Sanchita Dash

Elon Musk, the world’s richest man, has a way with the US stock market

Credit: Wikimedia

From Gamestop to Signal, here’s how one tweet from the Tesla CEO has changed the fate of the company

Credit: Wikimedia

​Gamestop

Redditors didn’t drive the entire rally. The stock gained 60 per cent after this tweet from Musk.

Credit: Elon Musk

Signal

While Musk meant for users to switch to Whatsapp-rival Signal, some Wall Streeters read it wrong….

Credit: Elon Musk

​Signal Advance

The stock of this medical device maker that shares its name with the messaging up spike a whopping 12,000 percent

Credit: ​Signal Advance

Etsy

Musk’s endorsement of the online marketplace drove the stock price up by over 3 per cent after his tweet.

Credit: Elon Musk

Cyberpunk

Shares of Cyberpunk 2077 developer CD Projekt were up by over 12 per cent after Musk praised the game.

Credit: Elon Musk

And it’s not just stocks

Credit: Unsplash

Bitcoin

Musk’s endorsement of Bitcoin sparked a huge rally taking the cryptocurrency asset’s value to over $35,000.

Credit: Unsplash

​Bye Bitcoin, hello Dogecoin

Musk changed his Twitter bio from Bitcoin to Dogecoin and just in one day the price of Dogecoin was up by 50 per cent.

Credit: Wikimedia

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