Sandstorm Gold briefly spikes 55% after Elon Musk praises a techno song with a similar name on Twitter (SAND)

<p><img src="https://static1.businessinsider.com/image/601c000501504a00197fb91c-2400/GettyImages-1229892649.jpg" border="0" alt="Elon Musk" data-mce-source="Hannibal Hanschke-Pool/Getty Images" data-mce-caption="SpaceX CEO Elon Musk"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul><li><strong>Elon Musk sparked a frenzy in shares of Sandstorm Gold after he tweeted praise for a similarly named techno song.</strong></li><li><strong>Musk tweeted on Thursday morning, "Sandstorm is a masterpiece."</strong></li><li><strong>Shares of Sandstorm Gold surged as much as 55% in pre-market trading after Musk's tweet.</strong></li><li data-stringify-indent="0"><strong data-stringify-type="bold"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener noreferrer" data-stringify-link="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell" data-sk="tooltip_parent">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a></strong><strong data-stringify-type="bold">.</strong></li></ul><hr><p>Elon Musk's tweets are continuing to move obscure stocks as traders pile in.</p><p>This time on Thursday, the stock in question was <a href="https://markets.businessinsider.com/stocks/sand-stock">Sandstorm Gold</a>, a $1.3 billion gold miner that trades on the New York Stock Exchange and is based in Canada.</p><p>Sandstorm Gold surged as much as 55% in pre-market trades on Thursday after Elon Musk <a href="https://twitter.com/elonmusk/status/1357261308152975361">tweeted</a>, "Sandstorm is a masterpiece."&nbsp;</p><p>Musk was likely referring to the 2000 hit techno song "Sandstorm" by Darude. But traders didn't seem to care, as they pushed shares of Sandstorm Gold to a high of $10.06.</p><p>The gains were short lived, with the stock trading down 1% by the time the market opened for regular trading hours at 9:30 AM.</p><p>In response to Musk's tweet, <a href="https://twitter.com/Darudevil/status/1357270180674605059">Darude tweeted,</a> "Man, IF this was a reference to my track, THANK YOU! If not, I'll just get my coat..."</p><p>The frenzy in shares of Sandstorm Gold is similar to last month's advance in Signal Advance, <a href="https://markets.businessinsider.com/news/stocks/signal-advance-stock-price-surge-elon-musk-tweet-privacy-app-2021-1-1029956384">which surged nearly 12,000% after Musk tweeted his support</a> for the similarly named private messaging service, Signal.&nbsp;</p><p>Musk's Thursday tweets also moved a cryptocurrency after he <a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-elon-musk-twitter-cryptocurrency-market-trading-reddit-doge-2021-2-1030043774">tweeted his support for Dogecoin,</a> which surged 59% in Thursday trades.</p><p>Musk posted an edited image from the movie "Lion King" that showed himself holding up the Doge meme. He followed up the photo with the simple message "<a href="https://twitter.com/elonmusk/status/1357241340313141249's=20" target="_blank" rel="noopener">Dogecoin is the people's crypto</a>."</p><p>With 45 million Twitter followers, Musk's power to move markets is clear.</p><p><em><strong>Read more:</strong>&nbsp;<a href="https://www.businessinsider.com/crypto-bitcoin-investing-strategy-voyager-dogecoin-cryptocurrency-interest-stephen-ehrlich-2021-2'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener" data-analytics-position="1" data-analytics-module="">Investors are flocking to trade Dogecoin and other hot digital tokens with no Robinhood-style restrictions on Voyager. The CEO tells us why Bitcoin will hit $100,000 this year - and 3 other cryptocurrencies to watch</a></em></p><p><a href="https://markets.businessinsider.com/news/stocks/sandstorm-gold-stock-elon-musk-praises-techno-song-similar-name-2021-2-1030044487#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/melissa-maker-clean-your-home-quickly-cleaning-expert-2017-4">A cleaning expert reveals her 3-step method for cleaning your entire home quickly</a></p>
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