Just about an hour ago, we wrote about how a flailing video game chain GameStop went from losing $470 million to become a $7.05 billion company by market cap. Now Elon Musk just added fuel to the fire.
In a tweet that links to the subreddit chat room called r/WallStreetBets, Musk exclaimed: “Gamestonk!!” The stock price of GameStop has surged more than 300% since the beginning of January. The Reddit army, with its 2 million subscribers, massively inflated the price of GameStop to stick it to Wall Street.
— Elon Musk (@elonmusk) January 26, 2021
According to Urban Dictionary, stonks is internet slang and a “deliberate misspelling of stocks, as traded in the stock market. It is often used to refer to such stocks—and finance more generally—in a humorous or ironic way, especially to comment on financial losses.”