- Elon Musk tweeted "Tesla has
diamond hands " on Wednesday as cryptocurrencies crashed. - The tweet referenced a meme and indicates Tesla is holding on to its cache of
bitcoin . - The meme has become part of the lingo of Reddit's
Wall Street Bets forum.
Elon Musk's at it again: The billionaire Tesla CEO tweeted out a meme on Wednesday that appeared to indicate Tesla will hold on to its bitcoin amid a major
"Tesla has ," Musk tweeted. "Diamond hands," as KnowYourMeme explains, is a reference to "traders who believe in the eventual profitability of their stocks and securities and keep holding them while their value drops."
-Elon Musk (@elonmusk) May 19, 2021
Bitcoin,
It appears Tesla, according to Musk's tweet, isn't going to sell its cache of bitcoin. The company did, however, recently stop accepting bitcoin for its vehicles - a move that may have helped to spur this morning's drop in value.
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"Diamond hands" is a meme pulled straight from the "WallStreetBets" Reddit forum, where retail investors rallied behind "meme stocks" like GameStop and AMC.
The lingo from WallStreetBets is a mix of traditional investing jargon with internet culture, such as "hodl" (an intentional misspelling of "hold") and "diamond hands."
Tesla representatives didn't respond to a request for comment.
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