On Friday, in the face of a costly tug of war between the Main Street common investors and the Wall Street institutional investors over GameStop shares that surged more than 230 per cent this week, mostly prodded by a reddit social media group, a bitcoin hash tag on Tesla boss Elon Musk’s profile page in Twitter had led to a 14 per cent rise in the valuation of the crypto asset, marking up the latest in a string of social media moves from Musk’s twitter account that pivoted money markets.
Notably, back in the 2019s, Elon Musk had to face off legal setbacks from US SEC (Securities and Exchange Commission) at least thrice for commenting on upcoming Tesla Inc. moves, while one of his remarks had unseated him from being the Tesla Chair following which the world’s richest man to-date had to act as the Chief Executive of the largest carmaker across the globe.
Nonetheless, the “WallStreetBets” Reddit chat room which skyrocketed GameStop shares, grabbed Musk’s attention on Tuesday, while he had tweeted “Gamestonk!! ” alongside a link to the Reddit stock trading discussion group.
More importantly, at the same day, GameStop shares’ prices surged over 300 per cent in a single session, as Musk supporters in the Reddit forum who affectionately call him as “Papa Musk,” perceived the Tesla boss’s Tweet as a backing of their campaign that led to a year-to-date 2,500% rally of the shares’ prices of GameStop.
Bitcoin rallies after Musk tweet
Meanwhile, sailing over the Tesla boss Elon Musk’s tag, bitcoin wrapped up the day 10.2 per cent higher to $36,901 after surging more than 14 per cent earlier in the day. In factuality, crypto assets, in particular bitcoin, climbed more than 300 per cent last year, as institutional investors including heavy-weight hedge funds appeared to have heavily bet on it in a bid to coffer quick profits, while bitcoin soared to an all-time high of $42,000 earlier this month, doubled up in less than three weeks after battling past a key psychological barrier of $20,000 on December 20, 2020.