Elon Musk may have democratised the stock market, but to grow your wealth you need to channel Elon’s cool together with Warren Buffett’s savvy.

The skyrocketing day-trading trend, headed up by activist investors on social media and online platforms, looks to be waning.

These so-called ‘meme stocks’ increased astronomically on such small-scale investment, yet now platforms are reporting the movement is ‘flatlining’.

Q1 this year was a mad ride for the stock markets, fuelled by online investment communities who look up to figures such as Tesla CEO, Elon Musk amongst others.

These day-traders literally can’t get enough of Musk and hang off his every word and action.

In many ways this is a positive. His massive global influence has highlighted the advantages of investing to millions of people around the world, many of whom would have never before considered it.

Indeed, in this sense, Musk has helped to democratise the stock market.

However, although the hysteria is dwindling, this trend of retail investors acting as a group, driven by social media and celebrities is here for the long haul.

Looking ahead, these investors will likely be just as influential as major hedge funds in moving markets.

However, as we’re seeing now, many of these small-scale investors – usually inexperienced investors who may not have the available financial resources against typically highly speculative and volatile investments – are playing what could be an extremely expensive game.

As such, I would urge these investors to embrace Elon Musk’s cool and Warren Buffett’s savvy.

Elon can identify trends like few others can. He focuses on sustainability, has complete conviction, is a risk-taker and a genius at channelling the power of social media for business.

Whereas Warren Buffett concentrates on the traditional fundamentals such as diversification, cash flow and profitability.

The instincts of both of these super investors together will be majorly powerful for any investor.

As I said last month, if you are chasing the thrill of big gains, it’s important to have a sufficiently diversified, long-term plan beforehand.

Of course, there’s a world of difference between investing and gambling.

The stock market becoming increasingly democratised is a good thing, yet those at the helm of it need to demonstrate responsibility and investors must remain cautious.

This very fine line between forward thinking and age-old principles highlights that nothing can help investors generate, amass and protect wealth like quality advice.

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