Tesla was a meme stock has been for a while whose biggest product that it's successfully sold are the overpriced shares. Closely followed by regulatory credits. And hype and the meme economy.
Over the course of the pandemic, as companies started shutting down, people got unemployed and the economy began seeing the impact of the most harmful global health crisis modern humanity has seen, that has caused millions to die, been more deadly to the United States than the first world war, the stock market kept on climbing and climbing and climbing, without justification or logic, without a pattern or any fundamental factors. Or any rhyme or reasons. As they say the stonks only go up, and that's what the hedge funds do.
So degenerate gamblers at random internet forums decided to take matters to their own hands and drive the stonks even higher, without care for their profits, investigation and action by the SEC or potentially bankruptcy and began buying stocks for companies that should have no good reason to be popular in the market to climb to unbelievable levels. The shares for gamestop, a retailer selling game CD's and dvd's is like 2000 percent higher than it was two months ago. On no material changes since the last time. The stonks just go up, no logic, rhyme or reason
It's happened in the past over the summer, and of course tesla itself is the classic example of a meme stonk. What I'm more interested is the long term impacts this will have on people's savings, 401k, allocation of stable funds, and if it might hurt even more careful savers and investors, since various weighing indexes will have to account for the meme stonks. Just like Tesla got included in the s&p500, what if a random glassware company shines ahead tomorrow, or even gamestop, who's to say they're any worse than a stupid credit farming company that's run by a stupid vapid salesman who pretends to be a salesman and is really quite popular with people having more money than intelligence or wisdom who nevertheless consider themselves to be the epitome of culture and knowledge and smartness. Perhaps that's who the world shall belong too, and the rest of us shall all be beggars. Maybe all the movement of money happening is just between various groups of rich white dudes. Who knows.
It's concerning but not sure if I need to be worried in the long term. Also I've bought a tonne of Apple stocks because Stonks go up and also with their new processors they're going to be making and selling a hell lot more computers. I used to think Apple devices were overpriced for what you could buy versus windows, you were paying the Apple premium, but with their own devices out in the market at the heart of all consumer electronics, Apple has shown that not only are they the best in consumer preference, but also the best value for money in terms of performance, so you're not paying the Apple premium anymore. Which means anybody like me who's looking to buy a new device will consider Apples seriously, something that was a ridiculous concept in the past. Yes, apple's already sold a billion iphones, but it could sell yet another billion in the next five year or a decade. We can hope and wait. And thus, I'm all in on the company.
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