Power of 280: Measuring the Impact of Elon Musk's Tweets on Stock Market

Authors

  • Sanjeev Metta Independent Researcher, Bangalore, Karnataka, India.
  • Nidheesh Independent Researcher, Bangalore, Karnataka, India.
  • Krishnamoorthy Independent Researcher, Bangalore, Karnataka, India.

Keywords:

Twitter, Elon Musk, Sentiment analysis, Cumulative abnormal returns, Event study, Stock market, Stock price

Abstract

The impact of Elon Musk's social media posts on Twitter on the stock prices of companies tagged, this research aims to measure the extent up to which such posts may influence essential market metrics such as Price, volume, and returns obtained from listed stocks. Intra-day data from well-recognized data providers have been utilized, for a period of 900 minutes, ranging from -600 minutes to +360 minutes, with the 0th minute being the time of his tweet (t=0). The study incorporates an event study and has adopted sentiment analysis and cumulative abnormal returns and found a significant impact of his tweets on five of the eight events. 

Author Biographies

Sanjeev Metta, Independent Researcher, Bangalore, Karnataka, India.

Independent Researcher, Bangalore, Karnataka, India.

Nidheesh, Independent Researcher, Bangalore, Karnataka, India.

Independent Researcher, Bangalore, Karnataka, India.

Krishnamoorthy, Independent Researcher, Bangalore, Karnataka, India.

Independent Researcher, Bangalore, Karnataka, India.

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Published

2022-01-01

How to Cite

Metta, S., Nidheesh, & Krishnamoorthy. (2022). Power of 280: Measuring the Impact of Elon Musk’s Tweets on Stock Market. Ushus Journal of Business Management, 21(1). Retrieved from https://journals.christuniversity.in/index.php/ushus/article/view/3341