Warren Buffett (left) and Elon Musk (correct ).
Alex Wong/Getty, REUTERS/Rebecca Cook
Warren Buffett and Elon Musk are shifting markets this year.Berkshire Hathaway’s stakes on Verizon and Chevron fostered both stocks this week.Musk’s tweets have raised GameStop, Dogecoin, Etsy, bitcoin, and other resources. Visit Insider’s homepage for additional tales .
Warren Buffett famously moves markets along with his decisions, as most investors expect that the Berkshire Hathaway CEO’s decision making and race to buy what he’s purchased and market what he’s sold.
Other investors expect that behavior and rush to benefit from buying or selling before the Buffett loyal, making the process somewhat self-fulfilling.
Tesla CEO Elon Musk has showcased a similar skill in recent weeks, forcing stocks and cryptocurrencies skyward with his tweets.
Even the”Buffett Bump” was on full display this week following Berkshire disclosed multibillion-dollar bets in Verizon, Chevron, and Marsh & McLennan after markets closed on Tuesday. Even the telecoms titan’s stock price jumped 5% on Wednesday, although shares from the energy giant and the financial services team climbed about 3%.
The rallies additional roughly $19 billion in total to the three companies’ market capitalizations.
Moreover, Tesla’s purchase of $1.5 billion of bitcoin this month has been a key catalyst in the digital coin’s latest rally. Musk’s endorsement was hailed as a milestone in mainstream acceptance of cryptocurrencies.
It’s clear that Buffett’s backing continues to translate into billion-dollar increases in companies’ market values. He has any competition from Musk, whose stamp of approval includes a similar, albeit less precise and continued, impact on markets also.
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