Proceedings of the 1st International Conference on Innovation in Information Technology and Business (ICIITB 2022)

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Impact of Twitter on Stock Market Performance: Evidence from Elon Musk and Tesla

Authors
Jovana Stokanović Šević1, *, Nikola Stakić1, Ana Jovancai Stakić1
1Singidunum University, Danijelova 32, 11000, Belgrade, Serbia
*Corresponding author. Email: stokanovic.jovana@gmail.com
Corresponding Author
Jovana Stokanović Šević
Available Online 30 January 2023.
DOI
10.2991/978-94-6463-110-4_5How to use a DOI?
Keywords
Twitter; stock market; Elon Musk; Tesla; sentiment analysis
Abstract

In the last decade, rising social media impact along with technological progress has given the potential for higher “democratization” of public voice. However, influential individuals, with hundreds of millions followers got the possibility to shape the public opinion and create herding behavior. Twitter activities, especially with financial markets-related content are gaining popularity as well. In that regard, the purpose of the paper is to analyze correlation between Elon Musk’s Twitter activities and stock price performance of Tesla company, by using different models of sentiment analysis. Rapid Automatic Keyword Extraction tool was used in Phyton. Correlation analysis was done for the 3-year time period (Oct 2019–Oct 2022) in order to capture heightened volatility and various systematic risks, which had resulted in even more tweeting activities. Results showed that there is mid to high correlation between Elon Musk’s tweets and share price of Tesla.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 1st International Conference on Innovation in Information Technology and Business (ICIITB 2022)
Series
Advances in Computer Science Research
Publication Date
30 January 2023
ISBN
10.2991/978-94-6463-110-4_5
ISSN
2352-538X
DOI
10.2991/978-94-6463-110-4_5How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Jovana Stokanović Šević
AU  - Nikola Stakić
AU  - Ana Jovancai Stakić
PY  - 2023
DA  - 2023/01/30
TI  - Impact of Twitter on Stock Market Performance: Evidence from Elon Musk and Tesla
BT  - Proceedings of the 1st International Conference on Innovation in Information Technology and Business (ICIITB 2022)
PB  - Atlantis Press
SP  - 47
EP  - 52
SN  - 2352-538X
UR  - https://doi.org/10.2991/978-94-6463-110-4_5
DO  - 10.2991/978-94-6463-110-4_5
ID  - Šević2023
ER  -