Elon Musk says shorting is legal ‘only for vestigial reasons’
Elon Musk earlier tweeted the word "Gamestonk" and shared a link to the Reddit chat forum ‘Wallstreetbets’.
January 29, 2021 / 10:30 AM IST
Tesla Chief Executive Officer Elon Musk has said shorting is legal "only for vestigial reasons". The comment comes a day after retail investors caused a rally in video game retailer GameStop's shares.
The traders caused a surge in GameStop's share price, causing a short squeeze and hurting hedge funds who had shorted the stock.
Musk also put out another tweet that took a dig at "shorty apologists".
In response to a query by a Twitter user, Musk has advised investing in stocks "that make goods & produce services you love"
On January 27, Musk tweeted the word "Gamestonk" and shared a link to the Reddit chat forum 'Wallstreetbets', of which participants had reportedly driven the spike in GameStop's share price.