Does Elon Musk Control The Financial Market?

“Elon Musk” by jdlasica is licensed under CC BY 2.0

Earlier this year (January 2021), Elon Musk tweeted “Use Signal.” He was referring to a nonprofit messaging app, but soon after, a completely unrelated company called Signal Advanced surged 5100%! Another example: Musk’s tweet about Dogecoin. His statement about the cryptocurrency helped it climb more than 1500%! On top of that, Musk also tweeted that he bought some Dogecoin for his 9-month old son, causing it to jump 20% within minutes. This highlights the power of people such as Musk, being able to essentially control their followers, which, in turn, dictates the market.

January 7th, 2021 – Signal Advanced:

Musk tweeted “Use Signal”, referring to a chatting app. His followers got the wrong message, and within days, the biotech company Signal Advanced skyed over 5100%.

Source: https://img-s-msn-com.akamaized.net/tenant/amp/entityid/BB1dBbBz.img?h=725&w=1119&m=6&q=60&o=f&l=f

January 26th 2021 – Etsy:

After Elon Musk tweeted, “I kinda love Etsy” and posted a picture of some of the Etsy products he bought, the market cap of Etsy surged by more than $2 billion!

Source: https://img-s-msn-com.akamaized.net/tenant/amp/entityid/BB1dBfoH.img?h=725&w=1119&m=6&q=60&o=f&l=f

January 26, 2021 – GameStop:

Using only one work, “Gamestonk!!,” Elon Musk helped propel GameStop 92% for the day.

Source: https://img-s-msn-com.akamaized.net/tenant/amp/entityid/BB1dBbC2.img?h=725&w=1119&m=6&q=60&o=f&l=f

Conclusion

Although these may not seem like many situations, there are plenty more. Some other tweets by Musk that altered the stock market include one about Clubhouse Media Group, Sandstorm Gold, Dogecoin, and Bitcoin. He really can control the market, huh?