Tesla and Elon Musk fans are notorious for blowing up projects mentioned on Musk’s twitter, or in any approximation to Tesla or SpaceX. Past examples include when he changed his twitter bio to mention “#Bitcoin” and a massive 20% jump occurred in the price of Bitcoin, moving it to $38,566. Other notable events include when he tweeted “I kinda love Etsy,” causing shares of the online craft marketplace to subsequently rise by 9%. Not all examples are this direct, nevertheless, a target for the suspected attention seems to be desired to be found by the public eye. Recently, this created an interesting scenario in which the literal wrong company received attention under the presumption that they were associated with Tesla.
The company is called Steel Dynamics and has received major attention from Tesla Fans. The reason behind this comes from the fact that Steel Dynamics is located near the Tesla Factory, and specifically makes steel of a very high strength. Connecting the dots with no proof fans seem to have speculated that the metal could be used to boost production of Tesla’s cyber truck – a product unveiled last year. Though, there is no correlation between the companies. Tesla themselves have made clear “Stainless steel is not something we have ever discussed being equipped to produce”.
What do you think about all this confusion and does it make Tesla a special case we may never see again when it comes to stocks directing attention?
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.