Bill Gross Says Tesla Is the New Meme Stock

Bill Gross' Janus Henderson Global Unconstrained Bond Fund suffered more than $200 million in redemptions last month, reducing its assets to $1.25 billion from $2.24 billion in February.

Lucy Nicholson | Reuters

Longtime investor Bill Gross believes Elon Musk Tesla behaves like a speculative game among retail investors.

“Tesla is behaving like a meme stock — sagging fundamentals, straight up price action,” the former Pimco chief investment officer and co-founder said in a post on X Tuesday afternoon. “But there seems to be a new meme stock every day these days. Most are pump and dump.”

Tesla is on a stunning 10-day winning streak, with shares up a whopping 43.6% since June 24. The rally was initially sparked by Tesla's second-quarter vehicle production and deliveries numbers beating analysts' expectations.

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Tesla's run

Gross, once the most influential investor in the U.S. bond market, appears to think the strong deliveries reports were not enough to justify such a remarkable run.

The 80-year-old investor also compared Tesla to Tough, Zapp and the “old favorite” GameStopChewy recently achieved meme status after online personality Roaring Kitty, who inspired the 2021 GameStop craze, purchased a significant stake in the pet store.

Gross previously revealed that he had experimented with trading GameStop and AMC options in 2022 to make a quick profit, calling them “lottery stocks.”

Tesla shares are up about 6% so far this year, lagging the S&P 500, which is up 17%.

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