GameStop shares, already on a historic tear, spiked in after-hours trading after a one-word tweet from Tesla CEO Elon Musk.
“Gamestonk!!” Musk tweeted Tuesday afternoon, linking to the Reddit threat r/WallStreetBets.
After floundering below $5 per share for almost all of 2020, shares of the video game retailer surged this year to close Tuesday at nearly $150. After-hour trading sent the stock price as high as $243 after Musk’s tweet before settling to $209.
But it’s not a sudden improvement in GameStop’s financials behind the rise — the company isn’t