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Friday, March 1, 2024

Elon Musk’s tweets are moving markets — and some investors are worried

  • Bitcoin's value jumped more than 20% to $38,566 on Friday after Elon Musk changed his personal Twitter bio to #bitcoin.
  • His tweets have caused other assets to shift recently including shares in GameStop and Etsy.
  • Some investors are now calling on regulators to get involved.

In this article

CEO of Tesla Motors Elon Musk.Brendan McDermid | Reuters

Bitcoin's value jumped more than 20% to $38,566 on Friday after Elon Musk, the world's richest person, changed his personal Twitter bio to #bitcoin, fueling speculation that he had bought more of the cryptocurrency.

Less than 24 hours earlier, the billionaire appeared to prompt shares in CD Projekt, which makes the Cyberpunk 2077 computer game, to surge more than 12% after he said via Twitter that a new model of Tesla's Model S Plaid car would allow passengers to play the game.

Several hours later, Musk said, "With Cyberpunk, even the hotfixes literally have hotfixes, but … great game."

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