Elon Musk is the most influential personality in the financial markets, according to an online survey of American investors. Two-thirds of the respondents in an online survey conducted with 1,103 investors believed that Musk has a considerable impact on the financial markets.
Musk also has substantial influence in the crypto sphere, as per a survey conducted by investing.com.
Musk, who recently turned 50, is the co-founder and chief executive officer of Tesla, SpaceX, Neuralink and The Boring Company. The billionaire, one of the richest people in the world, is popular on social media for his humour, crypto tweets, initiatives etc.
However, a majority (52 percent) of investors supported the need for regulations and policies that would reduce the power of significant influencers such as Musk in terms of manipulating the financial markets.
Musk’s tweets about Bitcoin's environmental impact led certain investors (30 percent of those surveyed) to sell Bitcoin. And 20 percent attributed their Bitcoin sale to Musk's comment on the environment.
The survey said that 38 percent of respondents said that Musk’s tweets alerted them about Bitcoin's environmental impact and that they were not bothered about this issue earlier, a Business Insider report said.
An overwhelming 84 percent of those surveyed did not agree that the future of Bitcoin rests on Musk.
Respondents were divided on how seriously Musk's cryptocurrency tweets should be taken. Of those surveyed, 33 percent dubbed his tweets as "annoying"; 27 percent found them "entertaining", and 22 percent dismissed them as "unfair”. And 28 percent said they were indifferent to his tweets.
A recent study by Money.co.uk also found that Elon Musk topped the lists of celebrities who are most likely to impact stocks. It found that Musk is “the most vocal” about other companies and investors take his words as “golden”.
This study analysed tweets of celebrities over the last five years by juxtaposing the time of their posts; and the immediate impact on the value of the company or brand mentioned.
Musk often shares his thoughts, insights and perspectives on social media leading to volatile sways in the cryptocurrency market.
In fact, many investors consider Elon Musk as the driving force of cryptocurrency prices and refer to him as the ultimate influencer of the cryptocurrency world. He has a huge fan base for his cryptic tweets on Bitcoin, Dogecoin, and CumRocket.