37pc of American investors use Elon Musk tweets in their decision-making: survey
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With around 47 million followers, a single tweet from Tesla’s Elon Musk can move markets.
Like the time Tesla stock dropped ~10 per cent after Musk famously complained the stock price was “too high imo”.
Shares in ultimate meme stock GameStock jumped following a Musk tweet.
Game developers, e-commerce firms, mining companies … they have all made big moves off the back of seemingly innocuous Musk tweets.
Some have been misinterpreted, like the time he tweeted a cryptic (to some) message:
— Elon Musk (@elonmusk) January 7, 2021
He was recommending Signal, a non-profit encrypted messaging service which competes with Facebook-owned WhatsApp.
It instead sparked a massive rally in the shares of a tiny Texas-based medical device company called Signal Advance.
The stock went from 60c to intra-day highs of $70.85 – an eye-watering 11,708 per cent gain.
In January, he changed his Twitter bio to #bitcoin, which immediately jumped 20 per cent on higher than usual volumes.
Subsequent posts about Dogecoin had a similar effect.
In a survey of 30,400 Americans, Piplsay found 21 per cent of respondents personally made investments based on his tweets, or at least thought about it.
Another 16 per cent had done so “many times”.
Other interesting poll stats: 70 per cent of people think he is either a genius or a madman. 7 per cent said he was a jerk.
“Elon Musk is undoubtedly a man of many facets,” Piplsay says.
“He’s a tech geek, a clean energy freak, a space enthusiast, a meme lover, a cryptocurrency proponent.
“As a market tipster, he sends stocks soaring or crashing with just a single tweet.
“It is simply hard to ignore a man who loves a good joke, even if it’s on him, and who makes headlines as much for his casual attitude and sensational tweets as for his business prowess.”