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Tesla's share price has seen a remarkable 50% increase in the past month, leading a fund manager to label it a "meme stock."
The Meme Stock Phenomenon
Longtime investor and fund manager Bill Gross dubbed Tesla a "meme stock" due to the company's share price skyrocketing, with ten days of rise and a 50% increase in the last 30 trading sessions.
The phrase "meme stock" was coined not long ago to characterize a security that has become popular on social media.
The most prominent of them is perhaps Gamestop's ($GME), which has contributed significantly to the success of numerous investors over the last three years by short-selling giant hedge funds.
There is a world of difference between Gamestop and Tesla; in fact, one could argue that the two stocks couldn't be more different.
Teslarati elaborates that since most people now buy video games and gaming consoles online, Gamestop is having a hard time keeping up with the times. Hedge funds should have shorted Gamestop, right? However, retail investors fought back, spearheaded by famous internet investor RoaringKitty.
Tesla's Rollercoaster Year
Investors in electric vehicles and sustainable energy pioneer Tesla, meanwhile, have had their fair share of ups and downs since the COVID-19 outbreak.
Having suffered a steep decline at the start of 2024, the company's stock has recovered admirably, recouping the losses it endured, and is up more than 5% so far this year.
Future Prospects for Tesla
Shares of Tesla have increased in value by 25% throughout the past 10 days. It has a lot of potential catalysts coming up, including the Robotaxi Unveiling Event on August 8, and it began by disclosing that Q2 delivery was better than Wall Street consensus estimates. Q2 was also its strongest quarter in terms of energy deployment.
Regardless, according to Gross, Tesla is "acting like a meme stock" because of its significant valuation growth despite "sagging fundamentals."
On X, Gross stated:
This morning, Tesla stock is trading down just 0.25 percent, but it's still on track for eleven consecutive days of gains.
