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.