Date of Award
Spring 2024
Degree Name
Bachelor of Science (BS)
Advisor(s)
Lin Tong
Abstract
This research paper investigates the relationship between Elon Musk’s X posts and Tesla’s stock price movements. The study builds upon prior research focusing on the relationship between social media and financial markets. Our research focused on whether Elon Musk’s posts influenced TSLA’s stock volatility, returns, or investor attention. To conduct the analysis, we conducted various statistical tests to determine our conclusions, including regression tests and comparisons of statistical data. While we did not find an influence on investor attention or stock returns, we found that Elon Musk’s posts about Tesla impacted TSLA’s trading volatility. Our results showed that there was a higher standard deviation of returns and higher stock beta on days when Elon Musk posted about Tesla. From these results, we can conclude that Elon Musk’s posts about Tesla have an impact on Tesla’s stock volatility. Additionally, we believe our study provides a better understanding of how influential figures can influence the financial markets using social media platforms.
Recommended Citation
Rachek, Andrew, "X and Tesla: The Effect of Elon Musk’s Posts on Tesla’s Stock Price" (2024). Gabelli School of Business Honors Thesis Collection. 145.
https://research.library.fordham.edu/gabelli_thesis/145
