Love him or hate him, Elon Musk can influence markets, or at least particular things. In the past, he demonstrated on multiple occasions how easily he could move Tesla (TSLA) . That makes sense though. Right? Executives, especially CEOs or founders, have an influence on their stocks.
But Musk has reached across the aisle and moved both Bitcoin and Dogecoin with simple tweets. Is he or Tesla trading on this? I have no idea. Should regulators care? Only as far as it is concerned for Tesla.
Perhaps a Bitcoin or even crypto coin ETF would mute this manipulation, er, I mean influence. I think it would to some degree. And wouldn't an ETF or ten actually give regulators a foot in the crypto door without having to expose themselves much?
Who am I kidding though, we can't even get multi-state cannabis operators a listing on the Nasdaq or NYSE.
The past year has really been the year of the influences. Portnoy kicked us off during the first few months of COVID. Chamath grabbed the reigns during the SPAC boom. And Marc Cuban, warranted or unwanted, has sprinkled himself into the mix. Still, Catherine Wood may best them all, doubling as fund manager and accidental influencer.
Speaking of influences, I'll be curious to see what impact Shaquille O'Neal will have as a brand ambassador for The Alkaline Water Company (WTER) . It seems Papa John's (PZZA) has benefitted from the relationship. Normally I'd brush this off but Shaq apparently took equity rather than cash. With the price hanging around $1, I can hardly blame him. There's likely more upside in the stock versus cash. WTER is the largest remaining independent premium water company. A simple 12-18 months of strong growth will likely land them as the next premium water acquisition candidate.
I'll be out on travel to kick off the week next week but nice to end the week on a rally. Remember, if you've been losing sleep or sick to your stomach watching your portfolio, today is an opportunity to lighten the load.
Until next time, have a great weekend.