Tesla’s share price may be more dependent on social media mentions than on the company’s financial performance. This is stated in a study by investment bank Barclays, reports Business Insider. “We’ve learned with pain that social media memes can matter more to Tesla stock than financials, fundamentals or (dare I say) value,” said Ryan Preklo and Brian Johnson, strategists at Barclays. Subscribe to LIGA. Facebook Business: Top Business Stories Barclays found that Tesla’s stock performance was positively correlated with the number of mentions of the company on Reddit. Investment bankers analyzed the posts of the Wall Street Bets Reddit community. Previously, WSB was involved in raising GameStop’s share price. “Seven or more posts growth today – compared to yesterday – predicted an inflated return on Tesla stock tomorrow,” Barclays said. The strategists noted that there was a statistically significant relationship between stock returns and the absolute number of publications one and two days earlier. They also established a link between changes in the number of publications and the dynamics of shares in the following days. “However, the entire analysis is ‘selective’. The situation was so dynamic that there are too few examples to be sure of a stable process between WSB publications and Tesla stock performance. Past results may not predict the future even more than usual.” highlighted in Barclays. On February 23, Tesla’s market value plummeted 25% ($ 215 billion) after buying bitcoins for $ 1.5 billion. This was due to a sharp drop in the value of the cryptocurrency. As of 13:51 Kyiv time on February 25, the value of Tesla shares was $ 742.02 (+ 6.18%). Subscribe to LIGA. Business in Telegram: only important Alexander Myasishchev If you notice a spelling error, select it with the mouse and press Ctrl + Enter.