Once again, billionaire Elon Musk, CEO of electric car company Tesla, showed his ability to “manipulate” the market through his tweets…
Billionaire Elon Musk – Photo: Bloomberg Recently, Elon Musk’s tweet about the popular children’s song on YouTube “Baby Shark” helped the stock price of a related company increase sharply, according to Bloomberg. Specifically, on the morning of June 2 (Asia time), Musk tweeted: “Baby Shark crushes them all! Views are more than the population of the earth.” Immediately, the share price of Samsung Publishing Co., a shareholder of the “Baby Shark” manufacturer, increased by 10% to the highest level since May 7. Since 2018, when the song became popular, the stock price has quadrupled. The song “Baby Shark” (Doo Doo Doo Doo Doo Doo) started to hit the headlines in 2018, charting on the Billboard Hot 100 for weeks and now has nearly 8.7 billion views on YouTube. Even last month, a virtual currency named Baby Shark. The influence that turned the financial markets around from Elon Musk’s tweets made many investors concerned and called for authorities to step in. Many losers angrily urged him to stop using Twitter. Earlier this year, the move to change the personal description on Twitter to #bitcoin led many investors to speculate that the world’s richest billionaire bought into Bitcoin, pushing the price of this virtual currency up 20% to $ 38,566 – a record level. record that time. Less than 24 hours later, Elon Musk sent the stock price of CD Projekt, the company behind Cyberpunk 2077, up more than 12% after announcing on Twitter that Tesla’s new Model S Plaid electric car version would allow the guests play this game in the car. Not long after, the Tesla boss sparked a wild rally in GameStop stock after tweeting: “Gamestonk!!” with a link to WallStreetBets – a subpage of the Reddit information aggregator website. “Gamestonk” is a combination of GameStop and “stonks” – a slang word for stocks. “He knows he has great influence and has shown he enjoys playing with it, even if it hurts his followers,” said Heidi Chakos of Portugal, a Bitcoin investor. since 2014, told the Wall Street Journal. Meanwhile, Freetrade analyst Dan Lane said: “It’s ironic that Elon Musk has the ability to shake the market. Maybe it’s time to discuss the legality of this.” While waiting for the authorities to step in (if any), many investors still look to Musk’s tweets for investment direction, even considering him as a “hero”. Although later, when they lost, they turned to criticize him. However, it should be clear that, while the Tesla boss makes a point on everything from cryptocurrency Dogecoin to GameStop stock, he is actually an entrepreneur, not a portfolio manager. fourth. Musk isn’t the only one influencing the market through social media. Over the past year or so, many celebrities, from hedge fund managers to CEOs and entertainment stars, have taken advantage of platforms like Twitter, Reddit, Clubhouse, and more to express their views on everything from cryptocurrencies to stocks.
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