{"id":228349,"date":"2021-04-16T11:39:57","date_gmt":"2021-04-16T08:39:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/did-elon-musks-jet-fuel-set-gamestop-and-bitcoin-ablaze\/"},"modified":"2021-04-16T11:39:57","modified_gmt":"2021-04-16T08:39:57","slug":"did-elon-musks-jet-fuel-set-gamestop-and-bitcoin-ablaze","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/did-elon-musks-jet-fuel-set-gamestop-and-bitcoin-ablaze\/","title":{"rendered":"# Did Elon Musk\u2019s \u2018jet fuel\u2019 set GameStop (and Bitcoin) ablaze?"},"content":{"rendered":"

“# Did Elon Musk\u2019s \u2018jet fuel\u2019 set Game<\/a>Stop (and Bitcoin) ablaze? <\/strong>”
\n<\/p>\n

Depending on where you stand on the GameStop saga, which saw organized retail traders extract $6 billion from Wall Street overnight, you may think someone should either take the matches away from Elon Musk, or give him more.<\/p>\n

The CEO and \u201cTechnoking\u201d of Tesla was accused of pouring \u201cjet fuel\u201d on the GameStop short-squeeze at a critical moment by hedge fund manager David Einhorn, founder of Greenlight Capital, in a letter to investors published Thursday. <\/p>\n

Einhorn said Elon Musk and venture capitalist Chamath Palihapitiya were the real instigators behind the short-squeeze, claiming both had supplied \u201cthe real jet fuel\u201d for the pump with their tweets and TV app<\/a>earances. <\/p>\n

\u201cWe note that the real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter<\/a>, respectively, at a critical moment further destabilized the situation,\u201d wrote Einhorn, according to<\/a> Markets Insider.<\/p>\n

Amid the orchestrated short-squeeze on GameStop by redditors on r\/WallStreetBets, Elon Musk tweeted what some interpreted as his support for the endeavor. On Jan. 26, shortly after GME stock was pumped 91% in a single day, Musk tweeted the phrase \u201cGamestonk!!\u201d accompanied by a link to the WallStreetBets sub-reddit. <\/p>\n

Over the course of the next 24 hours, GME stock soared 134%, climbing from a unit price of $147 to $347. The following 24 hours brought even more fireworks, and by Jan. 28, the value of GameStop shares had hit an all time high of $483 \u2014 an 18,693% increase on the stock\u2019s value just nine months earlier.<\/p>\n

Chamath Palihapitiya appeared to voice his support for the short-squeeze on Jan. 27, when he told interviewers on CNBC that the GameStop saga was an example of the man on the street pushing back against the man on Wall Street. <\/p>\n

Einhorn said that \u201cquasi-anarchy\u201d now reigns, based on what he sees as toothless regulation of the stock market. Einhorn compared the situation, where \u201cthe laws don\u2019t apply to [Elon Musk]\u201d to the defunding of the police force.<\/p>\n

\u201cMany who would never support defunding the police have supported \u2014 and for all intents and purposes have succeeded \u2014 in almost completely defanging, if not defunding, the regulators,\u201d said Einhorn. <\/p>\n

Previously Elon Musk was suggested to have unduly influenced the cryptocurrency market with his vocal support of Bitcoin (BTC) and Dogecoin (DOGE) via Twitter. Legal professionals suggested in February that Musk\u2019s tweets may have acted as a catalyst for the coins\u2019 gains at the time, and warned that such tweets could attract SEC attention. <\/p>\n

Musk laughed off the suggestion at the time, claiming that he would welcome any SEC investigation into his tweets, and that he simply liked \u201cdogs and memes.\u201d<\/p>\n