 "The Musk effect: Tweets fire up Bitcoin, Shopify and CD Projekt")
Elon Musk is making headlines again for his Twitter use, with Bitcoin, Shopify, and CD Projekt being the latest beneficiaries.
The Tesla billionaire late Thursday tweeted that Shopify, e-commerce software company, was “great” in response to another user’s comment, sending Shopify’s stock up as much as 3.5 per cent in late trading in New York. In early Friday trade, however, the stock was around 1 per cent down.
Musk has boosted the shares of at least a half-a-dozen companies this month after posting on Twitter, where the Tesla CEO has more than 43 million followers. Recipients of Musk’s touts include Polish video-game maker CD Projekt, and online marketplace Etsy.
Musk gave shares in Poland’s biggest computer game maker a turbo boost, by enthusing over CD Projekt’s Cyberpunk game on his Twitter account. The company’s stock soared as much as 19 per cent, but on Friday it dropped spectacularly — nearly 15 per cent.
Bitcoin surged above $38,000 on Friday after Musk just mentioned #bitcoin his Twitter profile. Tesla didn’t immediately respond to an email seeking comment.
Musk’s fondness for Twitter previously got him into trouble. He was sued in 2018 by the U.S. Securities and Exchange Commission over posts about a plan to take Tesla private, eventually agreeing to a settlement that included a $20 million fine and a requirement that he relinquish his role as chairman.
A more than 700% rally in Tesla shares last year help make Musk the world’s richest person, with a fortune exceeding $199 billion, according to the Bloomberg Billionaires Index.
The Tesla billionaire late Thursday tweeted that Shopify, e-commerce software company, was “great” in response to another user’s comment, sending Shopify’s stock up as much as 3.5 per cent in late trading in New York. In early Friday trade, however, the stock was around 1 per cent down.
Musk has boosted the shares of at least a half-a-dozen companies this month after posting on Twitter, where the Tesla CEO has more than 43 million followers. Recipients of Musk’s touts include Polish video-game maker CD Projekt, and online marketplace Etsy.
Musk gave shares in Poland’s biggest computer game maker a turbo boost, by enthusing over CD Projekt’s Cyberpunk game on his Twitter account. The company’s stock soared as much as 19 per cent, but on Friday it dropped spectacularly — nearly 15 per cent.
Bitcoin surged above $38,000 on Friday after Musk just mentioned #bitcoin his Twitter profile. Tesla didn’t immediately respond to an email seeking comment.
Musk’s fondness for Twitter previously got him into trouble. He was sued in 2018 by the U.S. Securities and Exchange Commission over posts about a plan to take Tesla private, eventually agreeing to a settlement that included a $20 million fine and a requirement that he relinquish his role as chairman.
A more than 700% rally in Tesla shares last year help make Musk the world’s richest person, with a fortune exceeding $199 billion, according to the Bloomberg Billionaires Index.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%