Elon Musk says ‘Lol’ as Tesla shares soar

When one of Musk’s followers asked him what happened, he wrote back: “Stonks.”

By:BLOOMBERG
| Updated on: Aug 20 2022, 21:19 IST
After a 9% jump on Wednesday lifted Tesla shares to a record closing price of $1,025.05, Musk’s initial post was cryptic.
After a 9% jump on Wednesday lifted Tesla shares to a record closing price of $1,025.05, Musk’s initial post was cryptic. (Reuters)

Tesla Inc. shares have been soaring in the weeks since Elon Musk said he thought they were too high. The chief executive officer just weighed in again on Twitter by referring to an internet meme generally used to ridicule the stock market.

After a 9% jump on Wednesday lifted Tesla shares to a record closing price of $1,025.05, Musk's initial post was cryptic.

You may be interested in

MobilesTablets Laptops
7% OFF
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
28% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

When one of Musk's followers asked him what happened, he wrote back: “Stonks.”

Also read
Looking for a smartphone? To check mobile finder click here.

The intentional misspelling of the word stocks is often used on the internet to refer to the irony or absurdity of the equity markets. Tesla's market capitalization has pulled within about $20 billion of Toyota Motor Corp., the world's most valuable carmaker.

The gulf between the two companies on other metrics is immense. Tesla produced less than 103,000 cars in the first quarter to Toyota's 2.4 million.

On Thursday, another one of Musk's followers referred to his May 1 tweet in which he wrote that Tesla's stock price was, in his opinion, too high. The billionaire wrote back with a link to a web address he bought early last year, stankmemes.com.

The website features a “stonks” meme image in which a character is standing in front of stock prices and next to an upward pointing arrow.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 12 Jun, 20:58 IST
Tags:
NEXT ARTICLE BEGINS