Elon Musk Jokes 'Gamestonk' (GME)
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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.
Gamestonk!! https://t.co/RZtkDzAewJ— Elon Musk (@elonmusk) January 26, 2021
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