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The Elon Musk Effect

StockJuly 1, 2021

Business magnate Elon Musk is either a hero or a supervillain depending on which stocks / cryptos you hold. The SpaceX CEO has revolutionised almost everything he touched. Whether it was changing the payment method with PayPal or driving the fossil fuel-dependent car industry towards a cleaner alternative with Tesla. While companies across the world took a beating in the pandemic, Musk’s portfolio only grew stronger, and when he was named the richest person on the planet in early 2021, he had added more than $150 billion to his wealth in just one year. The recent years have seen a record-breaking growth in SpaceX and Tesla which has created Musk to be the undisputed disruptor of the world. All his followers have given Musk the power to completely manipulate the market, whatever he tweets seems to be backed heavily by his social media followers creating some massive gains / losses depending on which side of the trade you find yourself.

Here are some examples of the Musk Effect:

-In January 2021, the Tesla CEO simply changed his Twitter bio to ‘Bitcoin’ leading to the cryptocurrency shooting 14 percent in value.

-The following month, Elon announced that Tesla had bought $1.5 billion worth of Bitcoin and will soon start accepting the virtual currency as a genuine mode of payment for the electric vehicles. This made Bitcoin reach fresh record highs.

- Musk’s tweet One word: Doge resulted in impressive growth of 8.17% over a window of five minutes, peaking at 17.31% over the period of one hour.

-Using his brand power, Musk has boosted the value of Dogecoin - a crypto-meme that was originally created to mock cryptocurrencies. The multi-billionaire went after Dogecoin so hard that he made the decision to ironically dump Bitcoin, saying the cryptocurrency will not be used anymore to buy Tesla vehicles, due to the environmental risks associated with the crypto currency. This led to Bitcoin’s value falling to three-month low.

-There are numerous other examples to assert the power of the ‘Musk Effect’ including the incident of e-commerce company Etsy witnessing a surge in its stock price when Musk just tweeted, “I kinda like Etsy." (Which was way before our stock alert to buy! Our research goes a lot deeper than following Elon tweets).

Elon Musk Bitcoin Price

The aftermath of these events has caused petitions to be made trying to ban Elon Musk from twitter as a whole! They have not been of any use yet but without a doubt we will get some more entertainment from Musk over the coming months before any action is made.

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