Elon Musk – Tesla’s CEO – had caused a few uproars in the cryptocurrency market with his Twitter account. The highly speculative market is very sensitive to the opinions of public figures like Elon Musk and the billionaire had been leveraging his position in the market.
David Einhorn, the founder of Greenlight Capital, bashed the CEO in a letter to investors. The hedge fund manager criticized Musk for pouring “jet fuel” on the GameStop fiasco. Musk is accused of using his Twitter handle and TV appearances for causing pumps in the market. Einhorn also held Chamat Palihapitiya, A Canadian Venture Capitalist, responsible for GameStop short squeeze.
Shortly after Redditors began pumping the GameStop stock, Elon Musk tweeted “Gamestonk” with a link to the subreddit. Subsequently, GME surged up by more than 100% and ultimately achieved an 18,693% increase from the price it had nine months earlier. Chamat Palihapitiya had also been vocal about his support for the Redditors.
Elon musk has caused quite a few spikes in the price of Bitcoin (BTC) and Dogecoin (DOGE). Just yesterday, the billionaire tweeted a meme that depicted a dog “Doge” barking at the moon and today Dogecoin saw a new all-time high. Musk had been warned by legal counsel the calculated pumping by him could attract the attention of the US Securities and Exchange Commission and land him in trouble.