Can We Really Measure The Power And Impact of Elon Musk's Tweets?
One company has attempted to do so, but It says the data is only for entertainment purposes only.
Elon Musk loves Twitter. He is probably one of the people that have made it relevant again not only in the US but in the whole world. But there are government agencies, divers and other people that are not very fond of what he writes there. Some shareholders get apprehensive about his tweets. With that in mind, a company created a tool to measure the influence of Elon Musk’s tweets on Tesla stock fluctuations.
WhoCanFixMyCar.com spent a lot of energy doing this online “Elon-Musk-Tweet-Power-Meter.” It follows three steps to measure the tweets' strength for the good and the bad. First, it developed a “sentiment analysis algorithm” to check if people are speaking positively or negatively about Musk’s profile, @elonmusk.
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After that, the page goes to Bing News and runs the same “sentiment analysis algorithm” to check if the media is speaking well or talking bad about Musk. Finally, it uses an API to show Tesla stock prices every 30 minutes.
WhoCanFixMyCar.com puts all three curves generated by these analyses on a dashboard that apparently has the goal to show that, when people are praising Musk on Tweeter and the media, price stocks go up. When he is under criticism, prices go down.
The fact is that the tool points out some correlation between these elements. And “correlation does not imply causation,” as statisticians know very well. Most correlations do not even seem very clear on the dashboard, as you will probably notice.
There are many more variables that relate to stocks going up or down than tweets or articles. We have financial reports, investments, new products, credit rating companies' reports, and a long etcetera.
That is probably why the company makes a disclaimer that states: “The data within this dashboard is to be used for entertainment purposes only.”
Have a look at the embedded dashboard. Check the info it provides. Finally, feel free to decide if you find it entertaining or not to see any correlation between Musk’s tweets and Tesla stock prices. Just remember to tell us what you think of the new tool.
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