Elon Musk.
Britta Pedersen-Pool / Getty Images
- Elon Musk was named the Times Person of the Year in part for his influence in the markets on Twitter.
- The Tesla boss has caused big movements, especially in crypto currencies such as Bitcoin and Dogecoin.
- A Twitter poll on February 5th that read “Dogecoin to the Moooonn” caused the cryptocurrency to skyrocket 35%.
- Sign up for our daily newsletter here, 10 things before the opening bell.
Elon Musk was named Person of the Year by Time Magazine, in part for his influence on the financial markets.
This was mainly done through one medium: Twitter.
The Tesla boss has 67 million followers and a reputation for moving markets and making headlines with his tweets, which are often just jokes.
In November alone, numerous tweets attracted the public’s attention, such as arguments with US senators and an alleged one-star review of JPMorgan.
Here’s a round-up of a dozen of his most influential market tweets – one for each month of the year.
January
On January 26, just before the height of the GameStop mania, when the troubled retailer’s shares shot over $ 300, Musk shared a simple tweet: “Gamestonk !!” He linked up with Wall Street Bets, the widespread subreddit that amassed behind GameStop.
February
He sent a bevy of tweets related to Dogecoin, which led to rallies in the meme token, the mascot of which is a Japanese Shiba-Inu dog. A Twitter poll on February 5th that read “Dogecoin to the Moooonn” caused the cryptocurrency to skyrocket 35%.
march
In March, Musk briefly announced it would sell a non-fungible token, or NFT, and then quickly pulled out. Most importantly, he said people could start buying Teslas with Bitcoin. Bitcoin price rose after the tweet.
April
In a tweet from April 28th, which preceded his appearance as the presenter of “Saturday Night Live”, he described himself as a “dogfather”. That tweet, along with the support of billionaire Mark Cuban, saw Dogecoin soar up to 30%. However, Musk’s appearance at SNL led to a slump in Dogecoins.
Can
Just two months after announcing that Tesla would accept Bitcoin, Musk abandoned the plan. In a series of tweets, he explained his energy consumption and environmental impact related to transaction processing and bitcoin mining. The turnaround sparked a slump in Tesla stock and the digital asset market.
June
Musk caused the price of bitcoin to spike in June after tweeting that the electric vehicle maker would start accepting bitcoin as soon as “there is confirmation of reasonable (~ 50%) clean energy use by miners with a positive future trend” .
July
His influence on the markets began to wane in July and he stayed away from market-moving tweets for the most part. However, he has snuck a matrix meme that says “Dogecoin is money”.
August
After Cuban told CNBC that Dogecoin was the best cryptocurrency to use as a medium of exchange, Musk jumped in on Twitter to say, “I’ve been saying this for a while.”
September
But in September, Musk said Dogecoin fees would have to go down in order to become a more viable payment option. The tweet came after Adam Aron, CEO of AMC, toyed with the idea of accepting Dogecoin as a means of payment.
October
Shiba Inu, the self-proclaimed “Dogecoin killer,” started an epic upsurge in October after Musk tweeted a photo of his new Japanese pup named “Floki”. He later announced that he had no crypto holdings in Shiba Inu – only in Bitcoin, Ether, and Dogecoin.
November
Tesla shares plummeted in November after Musk published a Twitter poll asking if he should sell 10% of his stake because “a lot has been done recently with unrealized gains as a means of doing business Tax avoidance are “. Of the 3.5 million voters, almost 60% voted yes.
December
In December, he continued to sell Tesla shares to meet his 10% target and said he would pay $ 11 billion in taxes. However, in Times’ Person of the Year article, he said it had no impact on the markets. “Markets move all the time based on nothing as far as I can tell,” he said.
