GameStop jumps as Elon Musk avoiding the red board

On October 9, 2014, Tesla Motors CEO Elon Musk revealed a new all-wheel-drive version of the Model S car in Hawthorne, California.

Lucy Nicholson | Reuters

Tesla CEO Elon Musk wanted to rally behind the epic boom of Gamesopt, tweeting a link to the Reddit board that massively hypnotizes the stock.

GameShop shares were up more than 60% after hours of trading on Tuesday after Musk’s tweet linked to a “WallstreetBats” reddit page that has more than 2 million subscribers. Tesla CEO tweeted “GameStonk !!”

The stock gained momentum later in the day after a tweet at Social Capital’s Chamath Palipitiya. They bought Gametop call options, which would lead to more stock. The stock closed up 92.7% on Tuesday.

Some companies have affected stock prices prior to Musk’s call out. Earlier on Tuesday, he tweeted about a hand-knit wool hat he had bought for his dog at Etsy. This raised the company’s shares to 8% in premarket trading, although it eventually closed down 2.1%.

The CEO faced problems with the SEC for tweeting about Tesla’s stock. In August 2018, he stated that he wanted to take Tesla private at $ 420 per share and received the money to do so. Musk and Tesla each had to pay a $ 20 million fine to the SEC for disposal of the suit, and Musk has since agreed to make his own public statements about Tesla’s finances and other topics. He notoriously tweeted last year that Tesla’s stock was “too high”, sending shares immediately down more than 10%, though they were more than rebound within a week.

The SEC did not immediately respond to a request for comment.

– CNBCs Lora Kolodny contributed to this report.

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