When Elon Musk tweeted “use Signal,” earlier this year, he was talking about the messaging app made by a nonprofit organization. But soon, the stock price of Signal Advance Inc., a tiny and entirely unrelated medical device company in Texas, was up 5,100%. Such is the power of Musk, the world’s richest person, and his more than 46 million Twitter followers.
In recent weeks Musk’s tweets have added billions to the market value of publicly traded companies. And after saying he would be off Twitter “for a while” last week, he was back within a day, promoting cryptocurrency Dogecoin. Musk’s tweets—with some assistance from rapper Snoop Dogg and Kiss bassist Gene Simmons—have lifted the shiba inu-themed cryptocurrency by more than 1,500% since the start of 2021. On Wednesday, Musk said he even bought some Dogecoin for his toddler—boosting the coin another 15% in 20 minutes.
Here, a sampling of dispatches from the most powerful Twitter account in finance:
Jan. 7 ▷ Musk tweeted “Use Signal,” referencing a chat app, and sent shares of unrelated biotech Signal Advance Inc. skyward.
Jan. 26 ▷ After Musk professed his love for Etsy Inc., the company’s value jumped by more than $2b
Jan. 26 ▷ Musk propelled GameStop Corp. mania with one word: “Gamestonk!!” Shares that day closed up 92%
Jan. 31 ▷ A tweet announcing Musk would be on social app Clubhouse boosted shares of Clubhouse Media Group—no relation to the app.
Feb. 4 ▷ Sandstorm Gold Ltd.’s stock spiked when Musk tweeted “Sandstorm is a masterpiece.” (He probably meant the song by Darude.)
Feb. 10 ▷ A vocal Dogecoin fan in 2021, Musk even bought some for his son. The cryptocurrency is up 1,500%
Feb. 8 ▷ Musk’s Tesla Inc. said it bought $1.5 billion in Bitcoin and might accept it as payment, launching the cryptocurrency to new record highs.
©2021 Bloomberg L.P.
