For a long time now, Elon Musk’s tweets have been a matter of concern. The reason? They have way too much power. To the point, that it has become a topic for analysis. The knowledgable people are studying how Musk’s tweets affect the share market and most of them seem to be a bit concerned.
It makes sense, too. Elon Musk’s one tweet changes the fortune of companies overnight. Sometimes, even the ones he didn’t mention. Here are a few instances of when that happened. Bizarre stuff.
1. When he made his company Tesla’s market value come down by $14 billion, and his own by $3 billion.
One day Elon Musk woke up and went into rant mode. First he said:
And then, stuff like:
Anyway, this had a direct impact on the shares of Tesla, which came down by the end of the day.
2. When his one tweet about removing Bitcoin as a mode of transaction saw the cryptocurrency’s shares to plummet by 17%. In the tweet, he had mentioned:
We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
3. When he tweeted about Baby Shark (yes, the kids’ song) and got the shareholder Samsung Publishing’s shares to rise by 10%.
“Baby Shark crushes all” from Elon Musk was enough.
4. When he tweeted “use signal”, and the shares of the company went up by a whopping 1500%. Except, it was the wrong company people started investing in.
Musk was talking about the chatting app Signal, but marketeers thought it was Signal Advance, a company that operates in the care tech department (so much for the Wall Street smartness).
5. When he named a video retailer, GameStop Corp, and their stocks doubled during exchange hours.
Musk shared a Reddit thread, which saw a lot of people taking interest in the shares of GameStop. They then started buying stocks of the company in huge numbers, leading to a situation called ‘short squeeze’. It led to a huge upheaval in Wall Street, Reddit, the internet, and everywhere else. You can read an explainer on it here.
6. Remember Tesla’s Disassociation with Bitcoin? Well, after that Elon Musk hinted, HINTED that Dogecoin could be a good alternative, and boom, its prices soared.
7. Once you get over the expected giggles, it’s quite crazy to see what Elon Musk’s one tweet did to Cumrocket (yeah, I know).
It’s a cryptocurrency for creators who produce adult content. It helps with anonymity because the ‘real money’ is not involved. Anyway, after Elon Musk’s tweet, which was this…
…the cryptocurrency saw a huge rise in its value.
Unbelievable.