Longtime investor Bill Gross believes Elon Musk\u2019s Tesla is behaving like a speculative play among retail investors.<\/p>\n
\u201cTesla acting like a meme stock \u2014 sagging fundamentals, straight up price action,\u201d the former chief investment officer and co-founder of Pimco said in a post Tuesday afternoon on X. \u201cBut then there seems to be a new meme stock every other day now. Most are pump and dump.\u201d<\/p>\n
Tesla is on a stunning 10-day winning streak, up a whopping 43.6% since June 24. The rally was initially triggered by Tesla\u2019s second-quarter vehicle production and deliveries numbers that beat analyst expectations.<\/p>\n
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\u2019t enough to justify such an eye-popping run.<\/p>\n
The 80-year-old investor also compared Tesla with Chewy, Zapp and the \u201cold favorite\u201d GameStop. Chewy recently gained meme status after online personality Roaring Kitty, who inspired 2021\u2032s GameStop mania, bought a sizable stake in the pet retailer.<\/p>\n
Gross revealed previously that he dabbled in trading GameStop and AMC options for quick profits in 2022, calling those \u201clottery ticket stocks.\u201d<\/p>\n
Shares of Tesla are still up just about 6% year to date, lagging the S&P 500, which has gained 17%.<\/p>\n<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Longtime investor Bill Gross believes Elon Musk\u2019s Tesla is behaving like a speculative play among retail investors. \u201cTesla acting like a meme stock \u2014 sagging fundamentals, straight up price action,\u201d the former chief investment officer and co-founder of Pimco said in a post Tuesday afternoon on X. \u201cBut then there seems to be a new meme stock every other <\/p>\n","protected":false},"author":1,"featured_media":4898,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-4897","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts\/4897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/comments?post=4897"}],"version-history":[{"count":0,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts\/4897\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/media\/4898"}],"wp:attachment":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/media?parent=4897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/categories?post=4897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/tags?post=4897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}