Pumping and Dumping, or Why Traders Shouldn’t Go after Tweets from Crypto Billionaires

Crypto billionaires, while sometimes not fully influencing the volatility of crypto assets, significantly affect the stability of the crypto market when they make jokes either on their social media pages or in front of cameras. Elon Musk, after suspending Bitcoin in May, he says he is thinking about reinstating it. Why do such billionaires confuse the crypto market?