GameStop rips as much as 130% higher after Elon Musk's 'Gamestonk' tweet extends the day-trading rally

Financial world news, market analysis, investment scam prevention tips and more ✔️ Learn all there is to know about the asset management industry. This magazine is crafted specifically for those who are interested in diving into the global asset management world. REUTERS/Shannon Stapleton/ Tobias Schwarz/PoolShares in GameStop rose as much as 130% higher early on in Wednesday's pre-market, after billionaire Elon Musk tweeted "Gamestonk!!" in after-hours trading. "Stonks" is usually used in investing banter on social media for widely-held stocks. The Tesla founder posted a link to the popular subreddit WallStreetBets, members of which have piled into GameStop's soaring stock. @elonmusk/Twitter Read More: MORGAN STANLEY: Buy these 9 sports-betting stocks ahead of the industry's expected legalization in 12 states this year and its growth to $10 billion in 2025 Billionaire Chamath Palihapitiya also joined the Reddit frenzy by excitedly announcing he bought 50 call options in GameStop with a strike price of $115 and an expiration date of February 19. Scores of WallStreetBets users have driven the video-game retailer's stock to record highs, while targeting short-sellers like Gabe Plotkin's Melvin Capital and Maple Lane Capital. The online stock-investing chat group now has over 2.4 million members. Their battle against institutional short-sellers on GameStop has led to an eye-popping 750% rally in 2021 as retail traders grabbed the opportunity to make money off a short squeeze of institutional investors. Insider's Bradley Saacks and Alex Morrell reported the subreddit added over 25,000 users To keep reading about GameStop rips as much as 130% higher after Elon Musk's 'Gamestonk' tweet extends the day-trading rally, Click on the link. Seoul, Korea
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