With just one tweet, Elon Musk brought GameStop stock prices to unprecedented heights.

THE TWEET THAT BROUGHT GAMESTOP STOCK PRICES TO THE SKY

Elon Musk's tweet earlier today led to one of the biggest spikes in GameStop's stock prices ever. Elon's tweet follows a concerted effort by Redditors at r/wallstreetbets. With an assumption that hedge fund managers are short selling stocks for their own benefit and at the detriment of GameStop, members of the subreddit decided to buy stocks en masse to drive the stock price back up.

The concerted effort of the redditors led to the first spike in GameStop's stock prices, from just around $20 a unit to a peak of $144. This unusual development was widely covered by different news outlets. Because of the surge in stock prices, even investors unrelated to the movement started buying shares.

News soon reached the ears of SpaceX's CEO, who then tweeted about the subreddit. This one tweet led to the stock price going up to a peak of $350. While Elon himself didn't invest in GameStop (as far as we can tell), space exploration rival Virgin Galactic's chairman Chamath Palihapitiya bought into the hype.

Wall Street commentators and experts have since called the whole ordeal “a ponzi scheme.”

“We're seeing a phenomenon that I have never seen,” Jim Cramer, Wall Street commentator says. “It's insane.”

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Pic of Elon Musk alongside imagery for Chat GPT

Josh Silverstein ·

Fans and followers of Elon Musk would know that it's not only GameStop stocks that his tweets have affected. Mere 24 hours prior to his GameStop tweet, Elon also helped increase the value of shares in Etsy.

In August 2018, another tweet by Elon led to stocks of his own Tesla plummeting. The very same tweet led to an investigation by the Securities and Exchange Commission. Because of the controversy, Tesla's board moved to remove Elon as chairman. All's well that ends well, though. Elon still owns about 20% of Tesla's stocks, whose value since 2018 has increased by over 15%.