NEW YORK - Social media platforms TikTok and Instagram have become barometers for stock popularity among retail investors, with Tesla Inc. (NASDAQ:TSLA) and NVIDIA Corp. (NASDAQ:NVDA) leading the charge, according to a recent study by global fintech group Plus500 (LON:PLUSP).
The study, which examined each company within the S&P 500, analyzed content volume and views on TikTok and Instagram, comparing it with the stock performance from January 3, 2023, to April 8, 2024. Tesla topped the list with 77 million TikTok views and a 52% share price increase, while NVIDIA saw a staggering 515% jump in stock price, the largest among the companies analyzed.
Apple Inc. (NASDAQ:AAPL), with 33 million TikTok views, experienced a 36% rise in its share price, followed by Amazon.com Inc. (NASDAQ:AMZN), which saw its stock soar by 115% alongside 13 million TikTok views. Other notable mentions include Meta Platforms Inc. (NASDAQ:META), with a 323% increase, and Uber Technologies Inc . (NYSE:NYSE:UBER), which enjoyed a 204% rise.
The methodology behind the rankings involved a weighted analysis of Instagram media count, TikTok view count, and TikTok video count, producing an overall index score out of 100 for each entry.
While Tesla and NVIDIA's stock price gains are impressive, it's worth noting that correlation does not imply causation, and the study does not suggest that social media popularity directly influences stock performance. However, the visibility on these platforms can reflect retail investor interest.
The findings are based on a press release statement and do not necessarily endorse the performance or future prospects of the companies mentioned. Investors are reminded to conduct their due diligence before making investment decisions.
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