London: Elon Musk’s Twitter profile page with the hashtag “#bitcoin” caused the cryptocurrency to rise by 14% last Friday, a series of latest updates triggered by comments on his social media accounts Market trends.
The world’s richest person on Twitter has joined more and more stock trading for personal and professional purposes, and the popularity of the “WallStreetBets” Reddit chat room is also increasing, which makes GameStop stock earnings soar.
That forum grabbed Musk’s attention too when he tweeted “Gamestonk!!” on Tuesday, along with a link to the Reddit stock trading discussion group behind the year-to-date 2,500%-plus rally in the video game retailer.
“Stonks” is a tongue-in-cheek term for stocks widely used on social media. His supporters in the Reddit forum affectionately refer to him as “Papa Musk.”
It makes sense that his tweets also caused other stocks to rise.
Shares of fast-growing Polish game developer CD Projekt soared 16% on Thursday after Musk tweeted: “The esthetics of Cyberpunk are incredible btw….”. Cyberpunk is the company’s flagship game.
Similarly, online retailing platform Etsy’s stock jumped 9% on Tuesday right after Musk tweeted: “I kinda love Etsy”. He said he bought a “hand knit wool Marvin the Martian helm” for his dog.
After rising nearly 700% last year, the share price of his own company Tesla fell 1.2% this week.