Billionaire investor Chamath Palihapitiya says the GameStop rally was no different than Wall Street missed Tesla’s rise to power

Investor Chamath Palihapitiya told CNBC on Wednesday that the GameStop rally looked like Tesla’s rise. GameStop’s unprecedented market surge, led by Reddit, has mirrored Tesla’s rally for years, billionaire Chamath Palihapitiya told CNBC on Wednesday. The CEO of Social Capital and former Facebook executive, who has made a name for himself in recent months and denounces Wall Street’s greed, got caught up in the GameStop trading frenzy as a community Reddit user on Tuesday. The site’s Wall Street Bets investors have teamed up to push the retailer’s share price to new highs. He closed his post on Wednesday, he told CNBC, and plans to donate the original $ 500,000 and any profits to Barstool Sports’ Small Business Relief Fund. According to Palihapitiya, GameStop’s rise to power looks like Tesla’s boom, just as individual investors won, while skeptical institutions turned out to be wrong. Tesla’s share price has skyrocketed over 700% last year and over 13,000% since going public in 2010. He has thus far exceeded the overall market and consistently destroyed the expectations of Wall Street. Many Wall Street analysts scratched their heads along the way. (Others tossed in the towel and admitted they were wrong.) “Let’s look at Tesla. Who was right about Tesla? I’ll tell you who was right: every private investor. I was right. Elon. Musk was right, ”Palihapitiya said. “Let me tell you who was wrong: every hedge fund. Name for name when it comes to innovation, when it comes to growth, when it comes to people trying to do fundamentally useful things in the world, when they don’t fit the shape Wall Street wants, they’re trying to organize against it. “