Can tweets sway the market? Musk didn't admit it, calling on investors to pay less attention to tweets

Unbridled tweeting has made Musk easily one of the most recognizable CEOs on the planet, while also making him the most criticized.

Like tweeting has caused Musk a lot of trouble. For example, in 2018, he tweeted that he would take Tesla private at $420 per share, prompting Tesla's stock price to soar by 14%, but it attracted an investigation from the U.S. Securities and Exchange Commission.

The SEC filed a lawsuit against Musk, accusing him of making "false and misleading statements." Musk and Tesla later came up with a settlement, agreeing to pay a $20 million fine each without pleading guilty. At the same time, Musk also resigned as chairman of Tesla's board of directors, and the company was required to strictly supervise Musk's posting.

But Musk doesn't think he should be too responsible for the impact of the tweet. "As far as I know, the market is always moving, does my statement have a substantial connection to the random fluctuations that may occur in the stock," he said. I don't think so. ”

But there are many examples of Musk's articles that have caused Tesla's stock price to fluctuate wildly. Tesla shares fell sharply in November as Musk previously tweeted that the company had not yet signed an agreement with car rental company Hertz, although the latter announced it had ordered 100,000 Tesla Model 3s, the largest order for electric vehicles ever.

Also last month, Tesla shares fell 7 percent after Musk asked his Twitter followers if they should sell 10 percent of Tesla stock. In 24 hours, a total of 3.5 million people voted.

In May 2020, when Musk tweeted that he thought Tesla's stock price was "too high," the automaker's stock price fell about 9 percent in response.