Elon Musk, Tech Mogul, Takes Time Off TwitterMarch 3, 2021
Elon Musk is a well-known technology billionaire with a huge following on Twitter. He holds a strong influence on the platform and can move markets with a single tweet. He has recently announced that he will be leaving Twitter. This comes after a series of posts from the tech personality highlighting a stock market elation inspired by the retail traders on Reddit.
In a tweet to his 44.8 million Twitter followers, Elon Musk said that he would be taking time off the platform. He gave no explanation as to what drove him to make this decision. There was no mention of how long the Tesla CEO would be off Twitter. His latest activity on Twitter has led to major changes in financial markets. The bitcoin pricing went up by 15% after changing his bio to GameStop shares and Bitcoin.
Elon Musk has a considerable influence on social media, and his remarks have had significant consequences for the Tesla CEO. Recently, he tweeted about Etsy, a digital store, and Signal, a messaging app. These tweets resulted in an increase in shares for Signal Advance, which investors misread as Signal, the messaging app. One tweet from the tech mogul mentioning that stock was high led to a 10% fall for the Tesla shares.
Sometimes his actions have unanticipated consequences and have had a negative effect on him and his businesses. In 2018, he tweeted about taking Tesla private, which he later admitted was a joke. However, this saw him get into trouble with the SEC. Both Tesla and Musk had to agree to a settlement suit after the incident.
It is still unknown what caused Elon Musk to leave Twitter, where he routinely shares updates on several companies to his followers. The tech mogul also heads SpaceX, a rocket firm, and Neuralink, and neurotech business. Before his announcement, he posted a video of a groundbreaking plant for Tesla still being developed in Germany.
Crunching the Numbers
The tech billionaire recently took Twitter his support for Dogecoin, a joke virtual currency. Currently, most traders on Reddit are attempting to gain a share of the cryptocurrency. In the past, Musk has done a similar thing where Dogecoin shares went up by 20% after he tweeted about this virtual currency. At another time, the share rose by 14% after Musk depicted the virtual currency taking over the international financial system.
According to Forbes, Elon Musk has an estimated net worth of $181.9 billion. This places him as the second wealthiest person all over the world. For several months, he has made it in and out of the top position for the world’s richest person. Amazon CEO Jeff Bezos takes the highest spot with a net worth of $194.2 billion.
In the past, the tech mogul had left the platform when either he or his businesses were going through a rough patch. However, this time all things appear to be normal with no cause for alarm. Tesla is hitting the new ground, and so are his other businesses.