Elon Musk’s Tweets Send Inattentive Retail Investors Piling Into Wrong Stock… Again

Back in January, Musk sent out a tweet urging his followers to use the encrypted messaging app Signal, which ended up prompting an army of inattentive retail investors to pile into a completely unrelated non-profit company baring the same name. Now it appears that Musk has done it again: after posting numerous tweets about using the Clubhouse app, shares of an unrelated company, named Clubhouse Media Group Inc, were sent soaring by a whooping 1,200%.

Clubhouse Media, which was previously called Tongji Healthcare Group Inc, trades under the symbol CMGR, and describes itself as a “marketing and media firm targeting social media influencers.” The company shares the name of the conversation app Clubhouse, which is supported by Andreessen Horowitz, a venture-capital firm that is not publicly traded.

Musk has flocked to Twitter on numerous occasions to relay to his followers that he has been using the Clubhouse app to communicate. In fact, Musk is so fond of the app, that he has even invited Vladimir Putin to join him in a conversation, to which the Russian president even seemed receptive to. However, it appears that Musk’s numerous tweets about the Clubhouse app sent shares of unrelated Clubhouse Media surging, ballooning its market value from $225 million in early January to over $2.5 billion, according to data compiled by Bloomberg.

The mixup is most likely the result of retail investors either not paying attention, or simply not caring, and instead chasing momentum amid an unprecedented level of money supply in the economy.


Information for this briefing was found via Bloomberg and Twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why Copper Juniors Could Explode After This Trade War Move | Christian Easterday – Hot Chili

Silver Is Rarer Than Gold, And the Market’s Waking Up | Shawn Khunkhun – Dolly Varden Silver

Gold Will Hit North of $4,000: Who’s Actually Producing? | Shane Williams – West Red Lake

Recommended

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Related News

Elon Musk’s Neuralink Gets Fresh $280 Million Handout In A Peter Thiel-Backed Funding Round

Neuralink, Elon Musk’s pioneering venture focusing on brain-implant technology, has successfully secured a substantial funding...

Tuesday, August 8, 2023, 03:43:00 PM

Is Elon Musk Creating a Twitter Crypto Coin?

Rumours are circling on social media that new Twitter CEO and crypto proponent Elon Musk...

Tuesday, December 6, 2022, 04:06:00 PM

Digging Deep On DOGE’s “$55B Savings”

In their newly released webpage, Elon Musk’s Department of Government Efficiency claims to have saved...

Wednesday, February 19, 2025, 02:48:00 PM

Twitter Board Aims To Force Elon Musk Back To The Takeover Deal: “We Are Confident”

After Tesla CEO Elon Musk reneged from his much-talked about proposed Twitter (NYSE: TWTR) takeover,...

Monday, July 11, 2022, 10:40:00 AM

Tesla’s Largest Retail Shareholder Says Elon Musk Is a ‘Magician’ Who’s Only in it ‘for Money and Power’

Tesla (Nasdaq: TSLA) is holding a vote on CEO Elon Musk’s 2018 compensation package, which...

Monday, May 6, 2024, 02:11:00 PM