GameStop Jumps After Hours As Elon Musk Tweets Out Reddit Board That's Hyping Stock

Tesla CEO Elon Musk seemed to rally behind GameStop's epic surge on Tuesday, tweeting out a link to the Reddit board that's largely hyped the stock. CNBC reports: Shares of GameStop, which jumped 92.7% Tuesday, were up more than 60% in after hours trading following Musk's tweet, which linked to the "wallstreetbets" Reddit chat room that has more than 2 million subscribers. The Tesla CEO tweeted "Gamestonk!!" The stock surged earlier in the day after Social Capital's Chamath Palihapitiya said in a tweet that he bought GameStop call options, betting the stock will go higher. The degenerates over at r/wallstreetbets don't appear to be very fond of CNBC's coverage of the investing forum. In an open letter to CNBC, u/RADIO02118 writes: Before you spend another day hosting your shill hedge fund buddies to come on the air and demonize r/wallstreetbets I hope you read this. Your contempt for the retail investor (your audience) is palpable and if you don't get it together, you'll lose an entire new generation of investors. I keep thinking about these funds that are short GME like your boys at Melvin Capital / your coverage of this subreddit and I'm getting madder and madder. These funds can manipulate the market via your network and if they screw up big because they don't even know the basics of portfolio risk 101 and using position sizing, they just get a bailout from their billionaire friends at Citadel. Then they have the nerve to turn us into public enemy #1 just because we believe in an underdog company getting a second chance. We don't have billionaires to bail us out when we mess up our portfolio risk and a position goes against us. We can't go on TV and make attempts to manipulate millions to take our side of the trade. If we mess up as bad as they did, we're wiped out, have to start from scratch and are back to giving handjobs behind the dumpster at Wendy's. Seriously. Motherfuck these people. I sincerely hope they suffer. We want to see the loss porn.Read more of this story at Slashdot.
Click here to read full news..