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Reddit posts are driving Tesla shares more than fundamentals, Barclays study finds

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A Tesla car in London.
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There may be a connection between Tesla's stock performance and the amount of online attention the electric car maker receives on social media platforms such as Reddit, a Barclays study found.

"On the autos team, we have painfully learned that social media memes can matter more for TSLA share performance than actual financial metrics, fundamentals or (dare we say) valuation," the firm said Tuesday in a note to clients. "There is a positive correlation between the number of WSB [WallStreetBets] submissions exclusively citing TSLA, and the performance of the stock."