Elon Musk sent Dogecoin soaring last week. Here are 6 times the Tesla boss has moved markets, from GameStop to Sandstorm

Elon Musk sent Dogecoin soaring last week. Here are 6 times the Tesla boss has moved markets, from GameStop to Sandstorm

Move over Warren Buffet, a new market sage has the ear of investors. At least, investors interested in buying joke cryptocurrencies.

That's right: Elon Musk. A tweet to his 45 million Twitter followers sent "meme" cryptocurrency Dogecoin soaring as much as 800% in a day at one point last week.

The Tesla boss and SpaceX founder was a vocal supporter of the Reddit crowd during the GameStop saga, and one word of his can send investors piling into a company's stock.

Where does Musk's market-moving power come from? He is a deeply attractive figure to many amateur investors, who see him as a genius maverick whose electric-car company Tesla has defied Wall Street naysayers.

On top of that, people can trade the savings they've built up during lockdown on commission-free apps such as Robinhood. So why not follow where Musk leads?

Neil Wilson, chief market analyst at UK trading platform Markets.com, told Insider he thinks it's "worrying in some ways that people's financial interests are at the whim of his tweets - but it's up to them if they want to be in those assets."

Good or bad, investors are increasingly aware of Musk's tweets. Here are 6 times he's moved markets.

1. Elon Musk sent Dogecoin