Home Cryptocurrency Did Elon Musk’s ‘jet fuel’ set GameStop (and Bitcoin) ablaze?

Did Elon Musk’s ‘jet fuel’ set GameStop (and Bitcoin) ablaze?

by Serge Shlykov

Depending on how you stand on the GameStop saga, where organized retailers snatched $6 billion from Wall Street overnight, you think someone should either take matches from Elon Musk or give him more.

In a letter to investors released Thursday, the CEO of Tesla and TechnoKing accused hedge fund manager David Einhorn, founder of Greenlight Capital, of pouring kerosene over GameStop’s shortstop at a critical time.

Einhorn said Elon Musk and venture capitalist Chamath Palihapitiya were the real instigators of the crisis, saying they both provided real fuel at the pump with their tweets and TV appearances.

Note that the real fuel for GME’s push came from Shamat Palihapitiya and Elon Musk, whose appearances on TV and Twitter respectively further destabilized the situation at a critical time, Einhorn writes, according to Markets Insider.

While r/WallStreetBets editors orchestrated a short sale at GameStop, Elon Musk tweeted what some interpreted as support for the effort. On the 26th. In January, shortly after GME shares rose 91% in a single day, Musk tweeted the phrase Gamestonk!!!, along with a link to the WallStreetBets subreddit.

In the next 24 hours, GME shares rose 134% from a price of $147 to $347. The next 24 hours brought even more fireworks, and on the 28th. In January, GameStop’s share price hit a record high of $483, up 18,693% from nine months earlier.

Chamath Palihapitiya seemed on his way out on Jan. 27. to speak out in favor of short selling when he said in an interview on CNBC that the GameStop saga was an example of the man on the street standing up to the man on Wall Street.

Einhorn said there is almost anarchy now due to what he sees as ineffective regulation of the stock market. Einhorn compared the situation where the laws don’t apply to [Elon Musk] to a bloated police force.

Many of those who never funded the militia supported – by all accounts and successfully – almost all funding, if not the elimination of regulators, Einhorn said.

Elon Musk has previously been said to have had undue influence on the crypto currency market by strongly supporting bitcoin (BTC) and dogecoin (DOGE) on Twitter. In February, lawyers speculated that Musk’s tweets may have been the catalyst for the currency’s acquisition, warning that such tweets could attract the attention of the U.S. Securities and Exchange Commission.

Musk later scoffed at the suggestion, saying he would welcome any SEC investigation into his tweets and that he just loves dogs and memes.

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