Shares of bankrupt car rental company Hertz are up over 70% today after Elon Musk added the hashtag #Hertz to his Twitter bio in an apparent show of solidarity with the beleaguered company. While no one knows why, it was enough to send the shares soaring higher.
Some Twitter users commented that he may be purchasing the bankrupt company and converting the fleet to robotaxies while others believed it was just another case of ‘meme magic’. Whatever it is it’s incredibly bullish for the stock with some analysts immediately raising their price targets to over $20 per share.
We reached out to Mark Shapeeto for further analysis. “Look he put in his bio regardless of what he means by it that’s good for a couple billion in market cap. I don’t make the rules but it’s incredibly bullish.”
Hard Money will continue to update the story as we learn more.