As we all know, Elon Musk has the ability to move mountains when it comes to his tweets, especially when it comes to the prices of stocks. For example, back in January, Bitcoin’s value jumped more than 20% to $38,566 after Elon Musk changed his personal Twitter bio to #bitcoin. Elon’s influence is truly remarkable and one of kind. Most recently, it was announced that Elon Musk would be Hosting Saturday Night Live with none other than… Miley Cyrus? Yes, it is quite an interesting combination and many on twitter were angry, expressing that being a billionaire doesn’t qualify you as funny, but when is twitter satisfied? Probably never.
Well regardless of your opinion on how funny Elon Musk is, one thing can be agreed upon, he can move stocks. Although most stocks are tied to a direct or indirect shout out from Musk, Tesla’s stock is also correlated with his direct behavior as he is CEO. If there is a strong correlation between Musk’s behavior and Tesla’s stock, then SNL is one place where there is some potential for a move to occur. How big this move could be and in what direction is a mystery, but the wrong joke could be a risk. However, not everyone agrees that it will be potentially risky for Tesla’s stock, for example Barron’s explained: “investors shouldn’t get carried away. While it’s more free advertising for Tesla, SpaceX, and Musk’s other ventures, the overall impact on the stock should be small”.
Will you be tuning in to SNL on May 8th to watch Elon Musk? And do you think his appearance could affect Tesla?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.