Just incase you are living under a rock ?
Let me tell you who Elon Musk is . Elon is an entrepreneur who founded PayPal and SpaceX and currently is the CEO of modern car company TESLA .He is on the top in the billionaires list with a whooping net worth of around 292B $!!! That's HUGE…. Elon has got over 50M followers on twitter and there he usually talks about cryptocurrency and stocks .
His tweets have a great impact on the prices just one tweet and the price of the stock starts reaching the moon .No doubt has worked very hard to reach where he is today . He is often referred to be a time-traveller from the future. He plans to send the humanity to Mars . Its not possible with the current technology but pretty much everyone is sure that he will develop something .
Let us See how his tweets spiked the international market :-
Once he changed his twitter bio to #bitcoin and bitcoins value jumped by 20%
.Portions of GameStop (GME) flew on January 27, one day after a Musk tweet that read essentially "Gamestonk" and incorporated an implanted connection into Reddit's WallStreetBets bunch.
Clean computer game designer CD Project Red spiked after Musk composed a progression of tweets on January 27 and 28 with regards to the organization's bug-ridden Cyberpunk 2077 game. Just imagine one man's tweet ruining the entire trading system!
There's an irony that Elon's tweets move the market. Is it possible for us to make good chunk of money just by following his tweets ?
WHAT IF WE START TRADING BASED ON ELON MUSK'S TWEETS?
On 26,January Elon tweets “I kinda love Etsy”. When Elon tweeted the market closed. The next day when the market opened it acutually open quite higher but after that it immediately fell for the next few days . So if we followed him we would have lost money on this tweet as the market gaped up.
Next day that is on 27 January Elon tweets “Gamestonk!!” Just like Etsy the marked opened with a spike for Gamestonk and after a couple of days it fell and one had a loss . So its again a loss if we followed his tweet and bought Gamestonk.
When Elon tweeted “Dogecoin is the people's crypto” Dogecoins values spikes just like any other tweet but the intresting fact is that is one exited and sold doge at the right time it would give good profit in return . But after a few days he again tweeted “Bought some doge for lilX so he can be a toddler holder” . After this doge crashed and again its a loss-loss!
Elon tweeted “Cryptocurrency is promising but please invest with caution”. Reading this tweets it seems that the market would fall down as the tweet holds some negative impact . But certainly it hapens the opposite and the market spikes . So it would have been a profit if one did exactly opposite to what Elon said.
Concluding : People think that Elon's one tweet and the market goes up is completely false as we have seen the what has happened after some of his tweets. He just tweets what the current trend is and teaches us that “Never take a tip from anyone ,even if he is a billionaire”
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