Bill Gross: Tesla is acting like a meme stock

Tesla Inc. (NASDAQ:TSLA) is “acting like a meme stock,” investor and fund manager Bill Gross said Tuesday.

In an X post, the co-founder of PIMCO tweeted that Tesla (TSLA) has “sagging fundamentals, and straight up price action.” The stock is up about 6% on a year-to-date basis, but that result comes after a surge of about 49% from a month ago.

Gross also said that “there seems to be a new meme stock every other day now,” of which “most are pump and dump.”

Among those, he mentioned Chewy Inc. (CHWY) which is down 32% from a year ago, but up about 5% on a year-to-date basis. The stock is up almost 9% from a month ago, but down 2% on the session.

Gross also mentioned Zapp Electric Vehicles (ZAPP), which is down 69% from a year ago, but up an impressive 1,600% from a month ago. ZAPP was up 247% in Tuesday’s midday trading.

And he mentioned the “old favorite” GameStop Corp. (GME), which had two price jumps in May. Shares of the video game retailer are up about 39% so far this year even after a 10% dip from a month ago.