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Benzinga
  • 2 years ago
Bill Gross, a longtime investor and former Pimco CIO, believes Tesla is behaving like a speculative "meme stock" due to its strong but unsupported price action in recent weeks. Gross notes Tesla's fundamentals have been "sagging" despite its nearly 40% price increase over the last 10 days, triggered by better-than-expected Q2 delivery numbers. He compares Tesla's run to speculative plays like Chewy, Zapp, and GameStop, which have recently gained "meme status" among retail investors. Gross has traded GameStop and AMC options himself for quick profits but views them as risky "lottery ticket stocks."
Transcript
00:00It's Benzinga and here's what's on the block.
00:02Phil Gross, a long-time investor and former PIMCO CIO, believes Tesla is behaving like
00:07a speculative meme stock due to its strong but unsupported price action in recent weeks.
00:13Gross notes Tesla's fundamentals have been sagging despite its nearly 40% price increase
00:17over the last 10 days, triggered by better-than-expected Q2 delivery numbers.
00:22He compares Tesla's run to speculative plays like Chewy, Zap, and GameStop, which have
00:26recently gained meme status among retail investors.
00:29Gross has traded GameStop and AMC Options himself for quick profits, but views them
00:34as risky lottery ticket stocks.
00:36For all things money, visit Benzinga.com.