While most brands have to partner with influencers, for Tesla and Space X, it’s unnecessary ― Elon Musk himself is one of the most influential social media users.
His words move the market.
After Musk appeared on the exclusive audio-only Clubhouse app Sunday night where he said “I believe in Bitcoins”, the price of Bitcoin started to rise.
Musk himself noted he has a godlike power over the market.
When he was asked about Bitcoin and what he thinks of it, before admitting he loves it, his first response was “I gotta watch what I say here, cuz I can move the market.”
And this is exactly what happened.
Many went to Twitter to point out Musk has an incredible power.
When he tweets about Dogecoin, a cryptocurrency that started as a joke on Reddit years ago, Dogecoin goes up.
When he says he loves Bitcoin, the price of Bitcoin goes up.
When he tweets about GameStop, price of shares soares.
Musk became the richest person in the world at the start of 2021, overtaking Jeff Bezos, because people believe in him and are ready to invest in his ideas.
This is something host of Mad Money on CNBC Jim Cramer also recognized.
Cramer noted that younger investors love people like Musk.
„These younger investors…. They believe that Elon Musk is a genius and they want to stick with him and his technology companies. They just buy the stock“, noted Cramer.
„These younger investors keep buying and buying, and then buying some more“, explains Cramer, adding that a paradigm shift is happening in the market – younger investors act on feelings – they throw fundamentals and calculations out the window.