-
Premier League wedtips voor dit weekend - 10 mins ago
-
‘I don’t want to lose mum’, says 10-year-old girl in 999 call - 12 mins ago
-
Tobacco firms to pay $23.6bn in proposed Canada settlement - 21 mins ago
-
A Wounded Hezbollah Regroups With an Aim of Ending Israel’s Winning Streak - 22 mins ago
-
This rangebound precious metal is about to break out and see strong gains, says Carter Worth - 24 mins ago
-
Catterall names the world champion he wants next - 26 mins ago
-
Jersey cafe owner ‘loses £800 in foolish Oasis ticket scam’ - 30 mins ago
-
Lifeguard recounts off-duty rescue of teen lost at sea off Hawaii - 41 mins ago
-
Steelers Mike Tomlin Non-Commital About Which Quarterback Will Start Sunday - 43 mins ago
-
You're Not Paranoid. The Market Is Out to Get You. - 44 mins ago
Bill Gross says Tesla is the new meme stock
Bill 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 | Reuters
Longtime 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.
Tesla’s run
Gross, 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%.
Source link