Business
Elon Musk’s 1-word tweet pumped $5bn into this stock – Yahoo Finance Australia
Many believe the sudden surge in price is a calculated move by retail traders to rort big hedge fund managers.
Elon Musks 1-word tweet pumped $5bn into this stock. Source: Getty
A one-word tweet by the worlds richest man, Elon Musk, on Wednesday morning sent investors into a frenzy, pumping around US$4 billion into video game retailer, GameStop.
Shares in the company had been steadily climbing since Friday, when retail traders on Reddit thread Wallstreetbets, which has around 2 million subscribers, congregated to push the share price up.
By Tuesday, the share price of GameStop had surged 92.71 per cent to…
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