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After the market closes, You’re here (TSLA) CEO Elon Musk appeared to join the stack with a tweet that sent GameStop shares briefly above $ 200. His one word comment – “Gamestonk !!” – was all it took to cheer up the popular Reddit page that sparked most of the hype around the stock.
It was Musk’s second tweet in 24 hours to create a stir for individual action – Etsy’s shares soared in pre-market trading on Tuesday after his statement that he liked the market “a little”. online crafts.
GameStop is up over 680% so far this year – an unlikely spike led by investors flocking to the WallStreetBets subdirectory. These traders essentially declared war on GameStop’s short sellers – investors who bet a stock would go down. The more GameStop climbs, the more money short sellers lose.
Reddit traders are also stacking up on other struggling businesses that short sellers tend to view as overvalued, including Blackberry (BB), Bed bath and beyond (BBBY), Macy’s (M) and AMC (AMC).
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