'Papa Musk' tweets raise cheer in wrong Clubhouse

Clubhouse Media

02/02/2021 15:59

By Danilo Masoni
    Feb 2 (Reuters) - When Elon Musk says something, something
moves somewhere on a market. Just not always what you might
expect.
    Shares in Clubhouse Media Group  CMGR.PK  jumped 117% at one
point on Monday after the billionaire Tesla  TSLA.O  CEO tweeted
on Sunday he would go live on the similarly named social media
audio app.
    The privately owned Clubhouse app in fact has nothing to do
with Clubhouse Media, a little-known Chinese firm formerly
called Tongji Healthcare Group which changed its name two weeks
ago.
    "Somebody didn't realise that Clubhouse and Clubhouse Media
Group are two different companies," said Angelo Meda, head of
equities at Banor SIM in Milan.
    As some realised the misunderstanding, shares in Clubhouse
Media pulled back from a record peak, and the slide looked set
to continue on Tuesday with shares down 23% in early deals.
    Clubhouse Media, which defines itself as influencer-based
marketing and media firm, issued a statement on Tuesday in which
it touched on its expansion projects but made no mention of Musk
and his tweet.  urn:newsml:reuters.com:*:nGNXWs0KS
    His ability to lift an asset's profile, however
inadvertently, has helped earn him the nickname "Papa Musk" in
the Reddit forum "WallStreetBets", which came to prominence
during the GameStop  GME.N  buying spree led by small investors
against the hedge fund establishment.
    U.S. healthcare firm Signal Advance  SIGL.PK  soared to $70
from 70 cents in under a week when it was mistaken for an
unlisted texting app, also called Signal, that Musk had tweeted
about last month, saying "use Signal". Now Signal Advance shares
are worth $4.50 each.
    On Friday a "#bitcoin" tag his Twitter profile page led to a
14% jump in the cryptocurrency  BTC=BTSP .  urn:newsml:reuters.com:*:nL8N2K432P
    On Tuesday, Musk said he was taking another break from
Twitter.  urn:newsml:reuters.com:*:nL4N2K83DB

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Invite-only chat app Clubhouse booms in Japan      urn:newsml:reuters.com:*:nL1N2K706D
ANALYSIS-GameStop saga expected to revive scrutiny of hedge fund
industry     urn:newsml:reuters.com:*:nL4N2K44ZX
Young, confident, digitally connected - meet America's new day
traders     urn:newsml:reuters.com:*:nL1N2K43EM
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 (Reporting by Danilo Masoni in Milan; Editing by Alison
Williams)
 ((Danilo.Masoni@TR.com; +39-02-66129734; Reuters Messaging:
danilo.masoni.thomsonreuters.com@reuters.net; On Twitter https://twitter.com/damasoni))