The ever-surreal meme stocks crossover is broadening today in a completely unanticipated way. Thanks to Epic Games introducing a new character skin into its game Fortnite, stocks are moving across the entertainment industry.
The video game developer is jumping on the r/WallStreetBets meme wagon with its new skin, aptly named “Diamond Hanz.” The character is a 3D realization of the popular “stonks” meme.
Hanz’s namesake takes after “diamond hands,” a phrase from r/WallStreetBets that describes a trader who refuses to sell their stocks, regardless of whether they are drilling down or shooting skyward. The phrase has been popularized amidst the GameStop (NYSE:GME) short squeeze, as many traders claim to be holding not to make a profit, but to stand against hedge funds.
Fortnite Stocks Driven Up on April Fool’s Day
If you’re lost at this point, don’t worry. The gist of all this meme talk is that Fortnite’s joke skin is creating interest in stocks across the entertainment industry today. Three of the biggest Fortnite stocks winners are Tencent (OTCMKTS:TCEHY), Funko (NASDAQ:FNKO) and Turtle Beach (NASDAQ:HEAR).
Tencent Entertainment is having a terrific year. The Chinese tech giant has been climbing higher in 2021 — up nearly 17% year to date. And since it has a stake in privately owned Epic Games, it stands to make a pretty penny as the developer makes headlines. The recent threat of delisting Chinese stocks in the U.S. has done some damage to the Tencent overhead, but now is your chance to buy the dip and prepare for a rebound. TCEHY stock is currently up 5% today.
Funko is a name that is trending recently as the company has jumped on the booming NFT wave. Now piggybacking off of the Funko NFT hype is the Fortnite stock craze. Since the vinyl figure manufacturer owns the license to make Fortnite characters, FNKO stock is seeing a boost. The company is up 20% so far today. If the stock continues its rapid rise, you might expect a Diamond Hanz figurine hitting the market to celebrate.
Finally, headset manufacturer Turtle Beach is riding high on the Fortnite stock news. The company has had an impressive year already, and with the constantly renewing interest in multiplayer video games, the company can expect some gains from this big pop culture moment for the stock market. HEAR stock is up by 1% today.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.