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| Elon Musk takes Twitter hiatus after publicly backing bitcoin & acknowledging his comments could affect markets | Elon Musk takes Twitter hiatus after publicly backing bitcoin & acknowledging his comments could affect markets |
| (about 1 month later) | |
| Elon Musk has announced that he is staying off Twitter for the time being, after a headline-grabbing week in which he made market-shaking comments about cryptocurrencies and the ongoing GameStop stock drama. | Elon Musk has announced that he is staying off Twitter for the time being, after a headline-grabbing week in which he made market-shaking comments about cryptocurrencies and the ongoing GameStop stock drama. |
| “Off Twitter for a while,” the world’s richest man tweeted, without elaborating on the reason for his social media sabbatical. | “Off Twitter for a while,” the world’s richest man tweeted, without elaborating on the reason for his social media sabbatical. |
| Although no stranger to the media limelight, Musk has had an unusually chaotic week, in which he voiced support for a Reddit insurgency against a hedge fund’s attempt to short-sell GameStop stock, posted messages that (briefly) sent ‘meme’ cryptocurrency Dogecoin into outer space, and predicted that bitcoin would soon be embraced by the financial sector. | Although no stranger to the media limelight, Musk has had an unusually chaotic week, in which he voiced support for a Reddit insurgency against a hedge fund’s attempt to short-sell GameStop stock, posted messages that (briefly) sent ‘meme’ cryptocurrency Dogecoin into outer space, and predicted that bitcoin would soon be embraced by the financial sector. |
| In a widely discussed talk that he gave on the invitation-only social media app Clubhouse on Sunday night, Musk conceded that he had to be “careful” about what he says, because his remarks can “affect the market.” | In a widely discussed talk that he gave on the invitation-only social media app Clubhouse on Sunday night, Musk conceded that he had to be “careful” about what he says, because his remarks can “affect the market.” |
| For example, Musk’s recent tweets about Dogecoin have been credited at least in part to the digital currency’s massive, but apparently temporary, surge in value. | For example, Musk’s recent tweets about Dogecoin have been credited at least in part to the digital currency’s massive, but apparently temporary, surge in value. |
| The Musk bump has also worked on more established coins. After adding ‘#bitcoin’ to his Twitter bio, the cryptocurrency’s value skyrocketed by nearly 20 percent. | The Musk bump has also worked on more established coins. After adding ‘#bitcoin’ to his Twitter bio, the cryptocurrency’s value skyrocketed by nearly 20 percent. |
| Crypto enthusiasts mourned Musk’s announced hiatus from Twitter, with many of them asking the Tesla founder to throw his support behind other digital currencies. | Crypto enthusiasts mourned Musk’s announced hiatus from Twitter, with many of them asking the Tesla founder to throw his support behind other digital currencies. |
| Others posted memes that celebrated Musk’s unique ability to cause havoc in the markets with a single tweet. | Others posted memes that celebrated Musk’s unique ability to cause havoc in the markets with a single tweet. |
| Many observers predicted that Musk would be unable to resist sharing his thoughts with the world and would soon be back. | Many observers predicted that Musk would be unable to resist sharing his thoughts with the world and would soon be back. |
| Although it’s unclear why he signed off or for how long he’ll be absent, dozens of comments expressed gratitude for Musk’s indirect participation in the Reddit GameStop saga. | Although it’s unclear why he signed off or for how long he’ll be absent, dozens of comments expressed gratitude for Musk’s indirect participation in the Reddit GameStop saga. |
| “Thank you for everything Elon,”tweeted @WSBChairman, who became a de facto spokesman for the r/WallStreetBets Redditors who pumped up GameStop’s stock, crippling a hedge fund’s bet against the video game retailer and prompting NASDAQ to temporarily shut down trading. | “Thank you for everything Elon,”tweeted @WSBChairman, who became a de facto spokesman for the r/WallStreetBets Redditors who pumped up GameStop’s stock, crippling a hedge fund’s bet against the video game retailer and prompting NASDAQ to temporarily shut down trading. |
| Like this story? Share it with a friend! | Like this story? Share it with a friend! |