Elon Musk Gets In On The GameStop Fun, Touts WallStreetBets In Tweet

The world’s richest person is joining the fun of one of the wildest moving stocks.

What Happened: After market close Tuesday, Tesla Inc TSLA CEO Elon Musk tweeted “Gamestonk!!” with a link to the subreddit called WallStreetBets, a retail investor site that has been credited with sending shares of several highly-shorted stocks like GameStop Inc GME up.

Gamestonk!! https://t.co/RZtkDzAewJ

— Elon Musk (@elonmusk) January 26, 2021

Why It’s Important: Billionaire Chamath Palihapitiya endorsed GameStop earlier Tuesday by announcing he had bought call options with a strike price of $115.

Shares of Etsy Inc ETSY hit new all-time highs of $226.72 earlier Tuesday after Musk tweeted “I kinda love Etsy.”

Related Link: 5 Things You Might Not Know About Elon Musk

Highly followed investors like Musk, who has 43 million followers on Twitter, have caused large movements in stocks. His tweet about the Signal app even sent an unrelated stock up over 1,000%.

“Some people use their hair to express themselves; I use Twitter,” he has said. in the past. A study from Exness shows Musk as the most active CEO on Twitter.

GME Price Action: Shares of GameStop are up another 37% to $204 in after-hours trading. Shares hit new 52-week highs of $159.18 earlier in Tuesday’s trading session.

Photo courtesy Steve Jurvetson on Flickr.