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Tesla billionaire Elon Musk’s Twitter remarks have influenced markets on everything from crypto to stock prices

Tesla CEO Elon Musk’s Twitter posts have impacted markets throughout 2021. From GameStop, to Dogecoin and other cryptocurrencies, to the price of Tesla stocks, the billionaire has made his mark.

Video Transcript

- He has a Legion of adoring fans that hang on to every single word he says, so he's got 68 million Twitter followers. But it's clear this man who wants to send people to Mars and drive cars without gasoline has the ability to drive markets as well. Back in January, believe it or not, when meme stock frenzy was at a high, and GameStop mania was all the rage, a one word tweet he linked to Wall Street Bets was Gamestonk if you remember that. And that sent the stock soaring from about $150 to nearly $350 a piece.

In February, Dogecoin apparently caught Musk's eye. It was the first time many people had even ever heard of the crypto. Dogecoin to the Moon sent the crypto surging 35%. People couldn't buy into Doge quickly enough. In fact, by the time he appeared on SNL, Doge was at an all time high.

But by October, a Shiba Inu became the new rage, and the crypto took off. But he still lent his support to Doge, tweeting, "Tuition is in Dogecoin, and you can get a discount if you have a dog." And just last month, he moved away from crypto talk and started talking about the colossal amount of taxes you would have to pay as the richest man in the world and asked Twitter followers if he should sell 10% of his Tesla stock to help pay the bill. The stock tanked more than 20%, falling into bear territory before picking up just last week after Musk said you sold enough now to pay his estimated $11 billion in taxes.