Tesla Stock Is Plummeting and Reddit Investors Are Blaming Musk’s Twitter Chaos

Tesla Stock Is Plummeting and Reddit Investors Are Blaming Musk’s Twitter Chaos

a year ago
Anonymous $_PGtSJbg8h

https://www.vice.com/en_us/article/v7vj4j/tesla-stock-is-plummeting-and-reddit-investors-are-blaming-musks-twitter-chaos

Tesla’s stock is in the toilet and the meme stock investors of Reddit aren’t happy. The electric car company's stock has struggled this year, but investors are selling what they have amid Musk’s so far tumultuous Twitter takeover which has brought the stock down to a 17-month low. Over on the Wallstreetbets subreddit, some people have been left holding the bag and are doing one of the only things they can: posting about it.

Wallstreetbets is a chaotic subreddit where retail investors gather to pump meme stocks and post memes. The subreddit has helped move markets. It was involved in the pumping of Gamestop, AMC, and Bed Bath & Beyond and the rise and fall of the Robin Hood app. Through all of this, Elon Musk and Tesla have been favored memes on the site. Despite his many ventures, Tesla is the only publicly-traded stock in Musk’s portfolio, and has long served as a general proxy for people’s enthusiasm for him even as analysts warned it was overvalued.