Bill Gross’s Janus Henderson Unconstrained Global Bond Fund suffered more than $200 million in redemptions last month, cutting assets to $1.25 billion from more than $2.24 billion in February.
Lucy Nicholson | Reuters
Veteran investor Bill Gross believes Elon Musk Tesla It acts like a speculative game between individual investors.
“Tesla is behaving like a meme stock — fundamentals fall, price goes up straight away,” the former chief investment officer and co-founder of Pimco said in a post on X Tuesday afternoon. “But it seems like there’s a new meme stock every other day now. Most of them are pump and sell.”
Tesla has posted an impressive 10-day winning streak, rising 43.6% since June 24. The rally was initially sparked by Tesla’s second-quarter vehicle production and delivery numbers that beat analysts’ expectations.
Tesla race
Gross, once the most influential investor in the U.S. bond market, appears to believe that the strong performance report was not enough to justify the stunning rally.
The 80-year-old investor also compared Tesla to rubbery, Zapand “old favorite” Game StopChewy recently gained meme status after the online character Roaring Kitty, who inspired the GameStop craze in 2021, bought a large stake in the pet retailer.
Gross previously revealed that he was involved in trading GameStop and AMC options to make a quick profit in 2022, calling the stocks “lottery ticket stocks.”
Tesla shares remain up just about 6%, lagging the S&P 500, which is up 17%.
