Warren Buffett and Elon Musk are shaking up markets this year. Here's a look at the 'Buffett Bump' and the 'Musk Move.'
Warren Buffettand Elon Muskare moving marketsthis year.
- Berkshire Hathaway's bets on
Verizonand Chevronboosted both stocksthis week.
- Musk's tweets have lifted GameStop, Dogecoin, Etsy, bitcoin, and other assets.
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Other investors anticipate that behavior and rush to take advantage by buying or selling before the Buffett faithful, making the process somewhat self-fulfilling.
Tesla CEO Elon Musk has showcased a similar ability in recent weeks, driving stocks and cryptocurrencies skyward with his tweets.
The rallies added about $19 billion in total to the three companies' market capitalizations.
Moreover, Tesla's purchase of $1.5 billion of bitcoin this month has been a key catalyst in the digital coin's latest rally. Musk's endorsement was hailed as a milestone in mainstream acceptance of cryptocurrencies.
It's clear that Buffett's backing continues to translate into billion-dollar increases in companies' market values. He has some competition from Musk, whose stamp of approval has a similar, albeit less precise and sustained, effect on markets too.
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