CD Projekt stock rises after Elon Musk’s tweet



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Cyberpunk 2077 is a 2020 Action Role Playing Video Game.

Alexander Sayganov | SOPA Pictures | LightRocket via Getty Images

LONDON – Shares of Cyberpunk 2077 developer CD Projekt rose on Thursday after Elon Musk expressed his admiration for the game.

Tesla CEO tweeted a photo of his company’s new sedan, the Plaid Model S, suggesting it would be able to run Cyberpunk, Witcher 3, and several other video games.

“He can play Cyberpunk,” Musk said. “Cyberpunk’s aesthetic is amazing by the way.”

This tweet appeared to send CD Projekt’s stock price higher on Thursday. The stock was up about 12.6% during the afternoon. It was a tough race after Cyberpunk’s release, with gamers complaining of several bugs and poor performance on older consoles.

Sony even removed the game from its digital PlayStation Store because of the situation and said it will offer players a full refund. Analysts at the time said it was very rare for a console to drop an AAA game for quality issues.

This trading week was marked by insane volatility in the stock markets, fueled in large part by an explosion of amateur traders inspired by the Reddit board r / WallStreetBets flooding heavily shorted stocks like GameStop and AMC.

Short selling is a strategy in which investors borrow shares of a stock and sell them at a certain price in the hopes that the market value will fall below that level when paying for the borrowed stock.

It is not clear whether CD Projekt’s price hike on Thursday was the result of a short squeeze. According to IHS Markit, 9.3% of CD Projekt’s outstanding shares are currently on loan. The title became more popular after a negative public reaction to the game.

It wouldn’t be the first time a tweet from Musk has sent some stocks up. A tweet from the billionaire who said “GameStonk” and linked to the WallStreetBets subdirectory, helping GameStop soar after trading hours on Tuesday.

And his tweet asking subscribers to “use Signal” – in reference to the encrypted messaging app that gained popularity after backlash over a WhatsApp privacy update – led investors to jack up the share price of Signal Advance, a small component manufacturer.

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