WASHINGTON: With his cult following, Tesla boss Elon Musk has amassed considerable power to move markets with his musings, but murky rules make it difficult for regulators to rein him in.
The celebrity CEO, who boasts more than 54 million Twitter followers and has a devoted constituency on Reddit, has whipsawed the cryptocurrency market and sent some stocks soaring this year with a series of tweets and business announcements.
That power was in evidence this week. A Musk tweet on Wednesday that Tesla would no longer accept payments in bitcoin sent the cryptocurrency tumbling 17%, roiling bitcoin futures and dragging down the broader cryptocurrency market.
With his cult following, Tesla boss Elon Musk has amassed considerable power to move markets with his musings, but murky rules make it difficult for regulators to rein him in. . | May 14, 2021
Michael Saylor, CEO of Nasdaq-listed Microstrategy, said the company invested another $15 million in Bitcoin after Tesla CEO Elon Musk said Wednesday his company would no longer accept the
Dogecoin rallies, bitcoin sags as cryptos go up and down on Mr. Musk s wild ride
Bitcoin was heading on Friday for its worst week since February, while dogecoin leapt by a quarter, as the latest tweets on cryptocurrencies from Tesla boss Elon Musk sent the digital coins on a wild ride.
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Cryptocurrency that started as a joke has see-sawed from 74 cents a week ago to 38 and back up this week
Posted: May 14, 2021 11:00 AM ET | Last Updated: May 14
Dogecoin started as an internet in-joke in 2013, parodying the popularity of cryptocurrencies. But doge has now itself grown to be worth $68 billion US.(Dado Ruvic/Reuters)
How murky legal rules allow Tesla s Musk to keep moving markets
By Katanga Johnson and Chris Prentice
Reuters
WASHINGTON (Reuters) - With his cult following, Tesla boss Elon Musk has amassed considerable power to move markets with his musings, but murky rules make it difficult for regulators to rein him in.
The celebrity CEO, who boasts more than 54 million Twitter followers and has a devoted constituency on Reddit, has whipsawed the cryptocurrency market and sent some stocks soaring this year with a series of tweets and business announcements.
That power was in evidence this week. A Musk tweet on Wednesday that Tesla would no longer accept payments in bitcoin sent the cryptocurrency tumbling 17%, roiling bitcoin futures and dragging down the broader cryptocurrency market.