Tesla is the new meme stock, according to one billionaire investor

“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 Tuesday afternoon on X. “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.

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 with 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.

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