Tesla Motors CEO Elon Musk unveils a brand new all-wheel-drive model of the Model S automobile in Hawthorne, California October 9, 2014.
Lucy Nicholson | Reuters
Shares of GameStop, which jumped 92.7% Tuesday, had been up greater than 60% in after hours buying and selling following Musk’s tweet, which linked to the “wallstreetbets” Reddit chat room that has greater than 2 million subscribers. The Tesla CEO tweeted “Gamestonk!!”
The stock surged earlier within the day after Social Capital’s Chamath Palihapitiya mentioned in a tweet that he purchased GameStop name choices, betting the stock will go greater.
Musk’s name outs to sure firms have influenced stock costs earlier than. Earlier Tuesday, he tweeted a few hand-knit wool hat he purchased for his canine on Etsy. That despatched shares of the corporate up as a lot as 8% in premarket buying and selling, although it finally closed down 2.1%.
The CEO has confronted issues with the SEC for tweeting about Tesla’s stock. In August 2018, he mentioned he wished to take Tesla personal at $420 per share and that he had secured the funding to take action. Musk and Tesla every needed to pay the SEC a $20 million high quality to settle the go well with, and Musk has since agreed to submit his public statements about Tesla’s funds and different matters to vetting by its authorized counsel. He infamously tweeted final yr that Tesla’s stock was “too high,” sending shares even greater every week later.
— Lora Kolodny contributed to this report.