Elon Musk recently stated how crypto trading is harming stock market weekend.
Elon Musk shows how crypto trading can ruin a stock market weekend. Musk's followers on Twitter advised him to sell his 10% stake in the automaker. The crypto revolution has done a lot: turning images of dogs into digital gold, attracting talent and real dollars to Wall Street, and introducing confusing jargon into public finance. And now you can add this: show in advance what will happen on the exchange.
Tesla Inc stock. fell on Monday morning, but crypto watchers already know that possibility. This is because over the weekend after Elon Musk's followers recommended selling their 10% stake in the automaker on Twitter, digital tokens tied to real shares fell. US stock markets close at 8 p.m. for the weekend. New York time on Fridays and won't open again until 4am on Mondays. But cryptocurrencies work 24/7/365. This allowed traders from FTX and elsewhere to bet on Musk's tweets on Sunday and Monday mornings. You got it right for the most part.
The real stock closed at $1,222.09 on Friday and fell to $1,133 as trading resumed on Monday. Tesla tokens ranged from around $1,110 to $1,170 at FTX on Sunday. Such tokens for Tesla and other well-known companies are not actually issued by the company itself. FTX products are backed by the original Tesla stock owned by a company called CM-Equity, and tokens "can be purchased with CM-Equity for a larger stake if desired," according to the FTX website. They are not available for trading in the United States or any other restricted jurisdiction.
Traditionally, stockbrokers can be excluded until 6pm. New York time on Sundays when the S&P 500 and other index futures begin trading on CME Group Inc. after a weekend break. But now that crypto is spreading fast, the days are numbered.