Elon Musk Jokes 'Gamestonk' (GME)

January 26, 2021 4:21 PM EST

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Tesla CEO Elon Musk couldn't keep himself out of the GameStop (NYSE: GME) situation, tweeting "Gamestonk!" after-hours with a link to the Wallstreetbets reddit page.

Shares of GME have blown up short-sellers, including Melvin Capital who received a $2.75 billion bailout from hedge fund heavyweights Citadel and Point72.

A "stonk" is a recent Wall Street phrase for stock prices that just go up and don't need a fundamental reason to do so.

Shares of GME are up 686% YTD, including today's 91% move.

Musk is no stranger to short-sellers and a high flying momentum stock. Tesla shares are up 25% YTD and 680% over a 1-year period.

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