Electric vehicle maker Tesla Inc. has emerged as the most-discussed stock on Reddit’s r/WallStreetBets forum as of early Thursday.
What Happened: Exchange-traded fund SPDR S&P 500 ETF Trust is seeing the highest interest on the forum with 459 mentions as at press time, followed by Tesla with 428 mentions, data from Quiver Quantitative showed.
Canadian cybersecurity company BlackBerry Limited and graphics chipmaker Nvidia Corp. are in the third and fourth positions, having attracted 126 and 100 mentions, respectively.
Why It Matters: Tesla’s shares surged on Wednesday and its market capitalization regained the $1 trillion mark after CEO Elon Musk said he has now sold enough stock to satisfy his goal of selling 10% of his Tesla stake.
Musk later clarified that a few tranches of the stock sale are yet to be sold, but he’s “almost done.”
The news likely boosted investor confidence that Tesla’s shares will no longer be pressured down by insider selling.
Tesla shares have fallen almost 25% after Musk announced plans to sell about 10% of his shares on Nov. 6.
BlackBerry continues to see high interest on the forum after the company reported better-than-expected financial results for the third quarter on Tuesday.
Price Action: Tesla shares closed almost 7.5% higher in Wednesday’s regular trading session at $1,008.87.
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