Benzinga | Dec 21, 2021 10:34AM EST

5 Times Elon Musk Moved Markets

When Elon Musk says "Jump!" the markets ask "How high?"

We've seen it more than a few times, the "Musk Effect" or "Elon Effect" as it has been coined. The Tesla (NASDAQ:TSLA) Chief is known for his antics on Twitter, referring to himself as the "Dogefather" and "Technoking of Tesla." His reputation on the social media platform has awarded him with the unique ability to influence stocks and cryptocurrency.

See Also: 5 Things You Might Not Know About Elon Musk

Here's five examples of Elon Musk moving the markets.

1. On Jan. 26, 2021, Musk tweeted "I kinda love Etsy," sending the stock up almost 10% intraday before settling down to around where it closed the previous trading day.

2. On Feb. 4, the Dogefather posted "Dogecoin is the People's Crypto," sending the meme-token up 50% in just a few hours and setting the coin up for its "moon-shot" shortly thereafter.

3. In late January, Musk changed his Twitter bio to just Bitcoin (CRYPTO: BTC) -- within one hour, the coin exploded 20% from $32,000 to just under $38,000. A correction selloff of the coin brought it down to $36,000 before quickly jumping back to $38,000.

4. The Gamestop (NYSE:GME) event is one that will live in the history of financial markets. Elon tweeted "Gamestonk!!" on Jan. 26 with a link to Reddit's WallStreetBets sub-reddit that sent the stock on its parabolic run from its $147.98 close on Jan. 26 to highs of $483 just two days after on Jan. 28.

5. Above them all sits the infamous tweet that cost the chairman not only his title, but $20 million. On Aug. 7, 2018, he posted "Am considering taking Tesla private at $420. Funding secured." Tesla (NASDAQ:TSLA) shares did climb from $340 to about $390 before cooling off to $380.

Phot courtesy of Tesla.