Controversial internet personality Andrew Tate has announced that he has cashed out $500,000 worth of Bitcoin to invest in GameStop (GME) stock and meme coins.
The former professional kickboxer turned social media influencer claims that his move is an attempt to challenge Wall Street hedge funds and support the recent surge in meme stocks.
TLDR
- Andrew Tate claims he has cashed out $500,000 in Bitcoin to invest in GameStop (GME) stock and meme coins, aiming to challenge Wall Street hedge funds.
- GameStop stock has more than doubled in value in the last 24 hours, triggering $1.4 billion in losses for investors who bet against its rise.
- Tate’s investment move comes amid his ongoing legal challenges in Romania, where he faces charges of human trafficking and rape.
- The recent surge in GameStop stock is reminiscent of the 2021 meme stock rally, which was largely inspired by the posts of Keith “Roaring Kitty” Gill on Reddit.
Tate’s announcement comes at a time when GameStop stock has experienced a significant rally, more than doubling in value over the past 24 hours.
I lost a lot of money attacking The Matrix during Gamestop.
Always been part of the resistance ???? pic.twitter.com/9UefFOI8nW
— Andrew Tate (@Cobratate) May 13, 2024
This sudden increase has led to trading halts on exchanges and has reportedly caused $1.4 billion in losses for investors who had bet against the stock’s rise. As of writing, GME is trading at $32.50, a substantial increase from its price of $10 just a month ago.
The current meme stock resurgence bears similarities to the 2021 rally, which was largely driven by the posts and analyses of Keith “Roaring Kitty” Gill, also known as u/DeepF**kingValue on Reddit. Gill’s recent return to social media after a three-year hiatus has been credited with reigniting interest in GameStop and other meme stocks.
In his social media posts, Tate has expressed his commitment to holding his GameStop stock indefinitely, regardless of whether the price rises or falls.
He has invoked the phrase “Diamond Hands,” popularized by the r/wallstreetbets community on Reddit, which refers to investors who refuse to sell their stock despite potential losses.
Tate has framed his investment as a “perma donation” to the cause against the financial system, aligning himself with the Occupy Wall Street movement and the sentiment of many retail investors who blame hedge funds and financial institutions for economic instability.
Tate’s investment move comes amid significant legal challenges he faces in Romania.
The influencer and his brother are currently under investigation for alleged human trafficking and rape charges. A Romanian court recently ruled that their trial can proceed, ten months after the initial charges were filed.
The court has extended travel restrictions preventing Tate from leaving the country for another 60 days, although a trial date has not yet been set.
