Elon Musk is very popular among not only financial investors, but pretty much everyone with an internet connection. The man has a very refined taste in humor and is always able to entertain his followers on Twitter.
In one of his latest tweets, we saw Elon showing a girl in a Bitcoin dress, which quickly sparked some questions as to what the Billionaire was planning. There have been numerous rumors about Tesla aligning itself with cryptocurrencies and this was what the investors were looking for.
The discussion started with a harmless question from a follower, about the two factor authentication on Tesla accounts. the authentication system is quite popular with cryptocurrency trading platforms, thus the rumors were sparked.
However, Musk took it upon himself to disprove all of the rumors. Stating that there will be no alignement with cryptocurrencies from Tesla. Although, he did praise the digital assets, saying that they may truly be the currency of the future.
Elon Musk inspires young people to invest?
You could call Musk something like a prophet for the younger generation. He is rather young still, but is considered to be a part of the previous generation. He is rich and is quite humerous to follow. Two things that rarely exist at the same time in a single person, therefore the fame.
According to reports, thanks to Elon Musk’s South African ties, he has been an inspiration for the youth there. Naturally, most of the young investors flocked to Tesla stocks, but reports are now showing that those very same investors are switching to other financial industries, for example online Forex trading in South Africa has been growing, and Musk could be the one to thank for it. Despite this inspiration there still may be some repercussions from the recent tweet.
Tesla stocks shot up?
The stock shut up for a little bit once the tweet was made, but as soon as Musk stated that there was no correlation, it returned to its normal of $306 per share. This is actually quite dangerous for Tesla, as Musk has been fined in the past for such an info disclosure by the SEC.
Back when there was a controversy about Musk giving out insider information about Tesla, the stock immediately increased, which was later deemed as missinformation by the SEC, and fined both Musk and Tesla with $10 million.
Musk’s explanation about his tweet was quite similar. He noted that there are a lot of cryptocurrency scammers on the internet, so posting that tweet, was something of a mockery of them. But some may say that it was a way to reaffirm the rumors of crypto alignement, increase the stock price and profit from it.
Nevertheless, the “die-hard” fans of the billionaire will still be massive supporters, and such tweets will most likely never hard Tesla again. Especially considering the fact that he has inspired so many young people to start investing. The reason is quite simple. pretty much all of the information about Tesla can be found through Musks’ tweets, which saves the hassle for many young adults to search through various financial websites.
As long as Musk can retain his fame on social media, he’d be able to affect the Tesla stock by himself.