Bill Gross says Tesla is the new meme stock

by | Jul 10, 2024 | Financial

In this articleTSLAFollow your favorite stocksCREATE FREE ACCOUNTBill Gross’ Janus Henderson Global Unconstrained Bond Fund suffered more than $200 million in redemptions last month, lowering assets to $1.25 billion from over $2.24 billion in February.Lucy Nicholson | ReutersLongtime investor Bill Gross believes Elon Musk’s Tesla is behaving like a speculative play among retail investors.”Tesla acting like a meme stock — sagging fundamentals, straight up price action,” the former chief investment officer and co-founder of Pimco said in a post on X Tuesday afternoon. “But then there seems to be a new meme stock every other day now. Most are pump and dump.”Tesla is on a stunning 10-day winning streak, up a whopping 43.6% since June 24. The rally was initially triggered by Tesla’s second-quarter vehicle production and deliveries numbers that beat analyst expectations. [embedded content]Tesla’s runGross, who at one time was the most influential investor in the U.S. bond market, seems to think that the strong delivery report wasn’t enough to justify such an eye-popping run.The 80-year-old investor also compared Tesla to Chewy, Zapp, and the “old favorite” GameStop. Chewy recently gained meme status after online personality Roaring Kitty, who inspired 2021’s GameStop mania, bought a sizable stake in the pet retailer. Gross revealed previously that he dabbled in trading GameStop and AMC options for quick profits in 2022, calling those “lottery-ticket stocks.”Shares of Tesla are still up just about 6%, lagging the S&P 500, which has gained 17%. …

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[mwai_chat context=”Let’s have a discussion about this article:nnIn this articleTSLAFollow your favorite stocksCREATE FREE ACCOUNTBill Gross’ Janus Henderson Global Unconstrained Bond Fund suffered more than $200 million in redemptions last month, lowering assets to $1.25 billion from over $2.24 billion in February.Lucy Nicholson | ReutersLongtime investor Bill Gross believes Elon Musk’s Tesla is behaving like a speculative play among retail investors.”Tesla acting like a meme stock — sagging fundamentals, straight up price action,” the former chief investment officer and co-founder of Pimco said in a post on X Tuesday afternoon. “But then there seems to be a new meme stock every other day now. Most are pump and dump.”Tesla is on a stunning 10-day winning streak, up a whopping 43.6% since June 24. The rally was initially triggered by Tesla’s second-quarter vehicle production and deliveries numbers that beat analyst expectations. [embedded content]Tesla’s runGross, who at one time was the most influential investor in the U.S. bond market, seems to think that the strong delivery report wasn’t enough to justify such an eye-popping run.The 80-year-old investor also compared Tesla to Chewy, Zapp, and the “old favorite” GameStop. Chewy recently gained meme status after online personality Roaring Kitty, who inspired 2021’s GameStop mania, bought a sizable stake in the pet retailer. Gross revealed previously that he dabbled in trading GameStop and AMC options for quick profits in 2022, calling those “lottery-ticket stocks.”Shares of Tesla are still up just about 6%, lagging the S&P 500, which has gained 17%. …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
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