The power of a single Elon Musk tweet was in evidence once again when he tweeted praise for Darude’s iconic “Sandstorm” track, sending the stock price of an obscure Gold Mining company by a similar name up by 55%.
Sandstorm Gold, a $1.3 billion gold miner that trades on the New York Stock Exchange and is based in Canada, saw their stock skyrocket briefly following an Elon Musk tweet that read, “Sandstorm is a masterpiece.”
While Musk was likely referring to the 2000 hit techno song “Sandstorm” by Darude, given he has tweeted about electronic music in the past, traders didn’t seem to care and pushed the share price of Sandstorm Gold to a pre-market high of $10.06.
The spike didn’t last long, and neither did the gains, with Sandstorm Gold stock trading down 1% by the time the market opened for regular trading hours at 9:30am EST. In response to Musk’s tweet, Darude tweeted, “Man, IF this was a reference to my track, THANK YOU! If not, I’ll just get my coat…”
That wasn’t the only Thursday tweet by Elon Musk that moved markets. After he tweeted his support for Dogecoin, the cryptocurrency surged 59% in Thursday trades. All it took was a few tweets, including one with an edited image from the movie “Lion King” that showed Musk holding up the Doge meme. A follow-up tweet simply read, “Dogecoin is the people’s crypto.”
H/T: Business Insider