Photo = Reuters
Tesla’s Elon Musk has emerged as a compass for investors in the New York market. That’s because the stocks of the company he mentions, with 42 million enthusiastic followers, skyrocketed.
Musk posted a message “Gamestonk!!” regarding the stock of’GameStop’, which became a hot topic after the market close on the 26th (local time). It was an expression that the rise of 680% up to this day in January was surprising. When this tweet appeared, the share price of GameStop, which also rose 92.61% on the same day, surged more than 40% in after-hours trading.
Musk said about the online shopping mall Etsy at dawn that day, “I like Etsy a little,” and that he bought wool from Etsy to make a cartoon character style helmet for his dog.
Etsy’s stock price, which had been breathing after a surge this month, soared 8.51% at the beginning of the market. As time passed, the increase decreased and eventually ended at $204.41, down 2.11%. Barrence reported that Etsy stocks surged temporarily shortly after Musk tweeted including a picture of a dog wearing a hat, without any special news. This showed how much Musk had an influence on the stock market.
On the 7th, Musk posted a message on Twitter saying “Use Signal.” It meant to use a privacy-protected messenger app signal against Facebook (Messenger)’s privacy policy change. However, investors flocked to a stock called’Signal Advance’, which is traded over the counter. The stock, which traded for $0.6 just before Musk’s tweet, soared to $38.7 on the 11th. Even on the 26th, when everyone became aware of the identity, the stock price is trading at around $5.
But when Musk talks about the stock price of his company, Tesla, he doesn’t have to listen. After Tesla soared to $800 (before the split) in May last year, Musk tweeted that “the stock price is too expensive,” and the stock price plummeted 11% that day. However, after five days, the fall recovered, and it has risen several times since.
Reporter Kim Hyun-seok [email protected]
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