A Tesla car in London.
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Tesla‘s stock performance and the amount of online attention the electric car maker receives on social media platforms such as Reddit are closely tied together, a Barclays study found.
“On the autos team, we have painfully learned that social media memes can matter more for TSLA share performance than actual financial metrics, fundamentals or (dare we say) valuation,” the firm said Tuesday in a note to clients. “There is a positive correlation between the number of WSB [WallStreetBets] submissions exclusively citing TSLA, and the performance of the stock.”
Originally published at CNBC