GameStop extends Reddit driven hyper-rally after Musk tweet


A man walks past a GameStop store in Austin, TX, U.S., March 26, 2018. REUTERS/Mohammad Khursheed/Files

(Reuters) - Amateur investors piled further into niche stocks on Tuesday, sending professional short sellers scrambling to cover losing bets, with GameStop skyrocketing for a fourth straight day, thanks in part to Elon Musk.

GameStop surged 50% in extended trade after Musk tweeted "Gamestonk!!", along with a link to Reddit's Wallstreetbets stock trading discussion group, where supporters affectionately refer to the Tesla CEO as "Papa Musk." "Stonks" is a tongue-in-cheek term for stocks widely used on social media.

Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Tech News

You may have blocked someone on X but now they can see your public posts anyway
Japan taps US chip startup Tenstorrent to help train new wave of engineers
Chinese AI firms are splurging on ads, report finds, as chatbot market gets crowded
Data of over 148,000 people leaked after ransomware attack on 2 Hong Kong hearing centres
Woman kidnapped by ex rescued after friend tracks her with Find My iPhone, US cops say
Australia scrapped satellite because new tech could 'shoot it out of sky', says defence minister
Instagram plans to use AI to catch teens lying about age
World's first wooden satellite, developed in Japan, heads to space
This humanoid robot can now operate with full autonomy
Scientists use AI to help track penguins in Antarctica

Others Also Read