Just about an hour ago, we wrote about how a flailing video game chain GameStop went from losing $470 million to become a $7.05 billion company by market cap. Now, Elon Musk just added fuel to the fire.
In a tweet that links to the subreddit chat room called r/WallStreetBets, Musk exclaimed: “Gamestonk!!” Musk’s tweet sends Gamestop soaring after hours to $240. Stonk is internet slang and a deliberate misspelling of stock, as trading in the stock market. It is often used to refer to such stocks—and finance more generally—in a humorous or ironic way, especially to comment on financial losses.
— Elon Musk (@elonmusk) January 26, 2021
About three hours ago before Musk’s tweet, GameStop was trading $116.20.
Immediately after the tweet, GameStop surged by as much as $30. Just 20 minutes after Musk’s tweet, GameStop exploded to $240.
Before Musk’s tweet, GameStop was trading at $116.20.
The stock price of GameStop has surged more than 300% since the beginning of January. On April 3, 2020, GameStop stock was trading at just $2.80. Now, the stock is trading at $240.
You can read the story of how the Reddit army (r/WallStreetBet), with its 2 million subscribers, massively inflated the price of GameStop to stick it to Wall Street.
Below is a video of stonks meme.