As stock and cryptocurrency followers know all too well, certain industry power brokers have the ability to move markets with just the click of a button, specifically one marked “tweet.”
One of the best examples is Elon Musk, founder and CEO of Tesla (NASDAQ:TSLA). Yesterday, Musk revealed some key details in a tweet regarding the release of one of his company’s most anticipated products. Speculation has quickly risen as to what it means for Tesla stock.
What Happened With Tesla Stock?
At 8:32 p.m. Eastern on Sept. 1, Must tweeted “FSD Beta 10 rolls out midnight Friday next week.” He added in a comment below that it “Looks promising that Beta 10.1, about 2 weeks later, will be good enough for public opt in request button.”
FSD Beta 10 rolls out midnight Friday next week
— Elon Musk (@elonmusk) September 2, 2021
When a reporter tweeted a comment asking when the FSD would be available for users in Canada, Musk replied “Not sure, but maybe a few months. In general for any region, we need to make software work well, test it extensively & then get regulatory approval. If we could go faster while being safe, we would!”
For context, the FSD to which Musk is referring stands for “full self-driving.” While anticipation regarding self-driving vehicles has grown considerably over the past few years, much of it has been centered around the notion that Tesla is the company that will finally get the product to market. Although Tesla had initially expected to release the FSD Beta V9.3, they opted to skip it and instead move ahead to the model touted in Musk’s tweet.
Why It Matters
You don’t have to be a member of the investment community to know the power of Musk’s tweets. He’s proven particularly apt at moving cryptocurrency markets, as has been proven by the launch of the Dogecoin (CCC:DOGE-USD).
Adding to this sentiment is the underlying fact that Tesla’s innovation and progress have captured the fascination of investors in the U.S. and beyond, plenty of whom watch Twitter to see what will be next for the unconventional CEO and his company.
Since Tesla skipped its last promised beta roll out, it is unclear what will happen in a week or in two. Regardless, the world will be watching, and there should be little doubt that Tesla stock will react accordingly, regardless of when the roll out occurs.
What’s Next for Tesla Stock
Musk’s tweet alone hasn’t caused any major fluctuations in Tesla stock so far, likely because the world is still waiting in anticipation. What we do know, though, is that the company is making strides in the innovation of a product for which the world has been waiting. It is unlikely that Musk would tweet about a rollout if it were too far off. This means that the FSD 10 beta rollout will likely happen in the near future as promised.
While Tesla’s stock is down 0.1% today as of this writing, it has had a promising week and month, rising almost 3% and 6.6%, respectively. Musk knows how to work the media and as the rollout nears, anticipation will, likely causing at least marginal gains for Tesla stock.
For those already invested, this is absolutely the time to hold and to watch, both Twitter and the market itself.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.