Elon Musk tweeted in April 2021, when Dogecoin traded for 5 cents, that “SpaceX is going to put a literal Dogecoin on the literal moon.” Following that tweet, the price of Dogecoin quickly surged to a high of 75 cents!
Wouldn’t you want to know whenever an influencer like Elon Musk tweets about a stock or crypto? Or if Jim Cramer tweets something about a stock in your portfolio, wouldn’t you like to know what he is saying? Now you can, with Stockdoc.
On Stockdoc.biz, you can quickly create a watchlist of stocks/crypto you are interested in and Stockdoc will deliver tweets from major influencers instantly to your phone. The moment an influencer puts out a relevant post, you will receive it on your phone. You will be one of the first to know about this tweet. Investors like you can use this critical and time sensitive information in your trading decisions.
The rise of social media influencers and their impact on the stock market
J.P.Morgan says that 34% of retail investors have made at least one change to their investments as a result of announcements seen on social media. And according to a CNBC survey, social media is the most popular source of investment ideas for young investors today.
The Wall Street Journal has written extensively about stock market influencers. In an article on stock influencers, they write “Mr. Musk isn’t alone in moving stocks by simply tweeting. Public figures as varied as the Tesla executive, venture capitalist Chamath Palihapitiya, Barstool Sports founder David Portnoy and fund manager Cathie Wood have collectively amassed hundreds of millions of followers online. Many of their fans are individual investors who take their comments on the market as gospel.”
Apart from individual market influencers, news sites such as Market Watch, CNBC, Bloomberg Markets and The Street also have millions of followers on Twitter. Any comments, observations and suggestions they make about companies or stocks are being seen by millions of people and can spur many to take action on the stock, leading to rapid fluctuations in the stock price.
In this article by Flowbank on the rise of stock influencers, they summarize the key takeaways as follows:
All this points to the major role of stock influencers on social media. Peter Gloor, a research fellow for the MIT Center for Collective Intelligence, explained that influencers’ comments about stocks are key metrics in predicting market activity with Twitter. This is the motivation behind the founding of Stockdoc.
The role of Stockdoc
Stockdoc helps you understand the impact of these influencers by providing you with real-time Twitter posts from influencers directly on your phone. You can pick the stocks in your watchlist and receive tweets relating to stocks in your watchlist from over 25 major influencers we are tracking in real time.
In the future, we plan to add more influencers, expand the social media platforms that we use to gather information and use machine learning techniques (artificial intelligence) to understand and predict the impact of influencers on stock movement, providing investors with valuable information in real time.