Elon Musk, CEO of Tesla (TSLA) and SpaceX has more than 47 million followers on Twitter and his single tweet can lead to a never-seen-before surge in prices of holdings and stocks, his tweets regarding GameStop (GME), Shopify (SHOP), Signal boosted the stocks of these companies and on Internet, his influence is now termed as “The Musk Effect”.
Elon Musk’s tweet in the support of the Signal app helped the company to boost its stocks and in a single day, the company’s shares surged more than sixfold. In the support of Elon Musk’s tweet, millions of users switched to the Signal app which led to the crashing of the app for a short period. The market value of the Signal app was $390 million in three trading days given its surge in the Advance’s rally by more than 5100%. Some investors misinterpreted the tweet and invested in the shares of a company called ‘Signal Advance Inc.’
On January 27, the shares of video game retailer GameStop (GME) soared after Elon Musk tweeted “Gamestonk!!”, along with a link to Reddit’s WallStreetBets group. Shares of Polish game developers spiked 16% after Musk tweeted: “The esthetics of Cyberpunk are incredible btw….”, Cyberpunk 2077 is the company’s flagship game. Bitcoin (XBT) jumped as much as 14% last month after Musk added #bitcoin to his Twitte ..
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