The Elon Musk effect – here's how the Tesla CEO makes the market go bonkers with just tweets
Feb 5, 2021
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