Elon Musk’s Tweets Have a Big Impact on the Cryptocurrency Market – the “Elon Effect”

Elon Musk, one of the top U.S. entrepreneurs and the richest person alive as of January 2021, has always been very active on his social media accounts, especially Twitter. However, between the SpaceX rocket launch videos and Tesla’s announcements, one can find several tweets that discuss stocks and lately cryptocurrency projects as well. Tesla CEO, whose net worth is estimated to hover around $185 billion, can have a significant impact on markets thanks to his massive reach of 49 million followers. the promoted stock, or crypto pumps.

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