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Did Elon Musk (indirectly) go up in stocks before their merger? – Marseille News

It’s always a fascinating day on Wall Street when a speculative element of market hedging demonstrates the power of moving a stock by a significant amount. We saw exactly that this afternoon, when a now-deleted blog post by a Seeking Alpha contributor blew up Sphere 3D (NASDAQ: ALL) stock. How? ‘Or what? By suggesting that Elon Musk could join the board of directors of the new company Sphere will be formed after its merger with Gryphon Digital Mining. The mere offer of a theory was all it took for ANY stock to start going up.

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What happened to any action?

The blog post went live at 2:34 pm EST, and at the same time, ALL stocks started to win. Although stocks fell from intraday highs, they closed 14.5% higher.

Sphere 3D is expected to complete its merger with Gryphon before the end of the fourth quarter. While there is no concrete evidence that Musk would sign aboard the company, blogger Ashwagandha Smith argued that it was “a real possibility.”

It should be noted that the post appears on the Seeking Alpha blog, a part of the site that publishes posts “not selected, edited, or filtered” by the site’s editors. Furthermore, Smith only had 228 followers on Seeking Alpha at the time. That said, its publishers also published a memoir on the matter, attributing the high prices to Smith.

What this means

Even more important to note in this situation is the fact that Musk himself made no statement on the report or made any mention of Sphere 3D or Gryphon Digital Mining. While it is true that it supports the type of green mining described in the report, there are already other companies operating in this space. There is no clear reason to assume that Musk would join the board of directors of one specific company over another.

We must not forget that before the report, Sphere had advanced in a friendly merger with cryptocurrencies. This type of deal is similar to the merger we just saw between digital assistance company Support.com and the innovative blockchain miner. Greenidge Generational Shares (NASDAQ: GREEN). Like Support, Sphere was also flagged as a possible short-lived game, another development that isn’t surprising under the circumstances.

What’s next for ALL actions?

For now, it’s hard to say for sure, but rumors about Musk may quickly fade. The impending merger will be the engine of future growth. Of course, it would be a great catalyst if Musk joined the board, but until more concrete evidence is presented, we can’t even mark this as a real possibility.

However, like any hot melt, ANY action is worth watching as the deal closes, regardless of who joins the new company’s board of directors.

As of the date of publication, Samuel O’Brient had no (directly or indirectly) position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.

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