Electric vehicle maker Tesla Inc. has emerged as the most-discussed stock on Reddit’s r/WallStreetBets forum as of early Tuesday.
What Happened: Exchange-traded fund SPDR S&P 500 ETF Trust is seeing the highest interest on the forum with 632 mentions as at press time, followed by Tesla with 203 mentions, data from Quiver Quantitative showed.
Movie theatre chain AMC Entertainment Holdings Inc. and chipmaker Micron Technology Inc. are in the third and fourth positions, having attracted 128 and 114 mentions, respectively.
Why It Matters: Tesla’s shares fell on Monday along with the shares of other electric vehicle companies after President Joe Biden’s ‘Build Back Better’ plan, which includes significant incentives for the EV sector, suffered a setback.
Senator Joe Manchin(D-W.Va.) announced on Sunday that he will not support the plan.
Micron Technology is seeing high interest on the forum after the memory-chip maker reported better-than-expected earnings results for the first quarter.
Price Action: Tesla shares closed 3.5% lower in Monday’s regular trading session at $29.12, but rose 0.4% in the after-hours session to $903.50.
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