Tesla CEO Elon Musk

  • Elon Musk tweeted, "Tesla has diamond hands," on Wednesday as cryptocurrencies crashed.
  • The tweet is in reference to a meme, and indicates that Tesla is holding onto its cache of bitcoin.
  • The meme has become part of the jargon of Reddit's Wall Street Bets forum.
  • For more stories go to www.BusinessInsider.co.za.

Elon Musk's at it again: The billionaire Tesla CEO tweeted out a meme on Wednesday that appeared to indicate Tesla will hold onto its bitcoin amid a major crypto crash.

"Tesla has diamond hands," Musk tweeted, swapping the last two words for representative emojis. "Diamond hands," as KnowYourMeme explains, is a reference to "traders who believe in the eventual profitability of their stocks and securities and keep holding them while their value drops."

Bitcoin, ethereum, and other cryptocurrencies experienced a major crash on Wednesday: The 10 most valuable cryptocurrencies by market cap dropped by double digits, with one exception.

It appears Tesla, according to Musk's tweet, isn't going to sell its cache of bitcoin. The company did, however, recently stop accepting bitcoin for its vehicles - a move that may have helped to spur this morning's drop in value.

"Diamond hands" is a meme pulled straight from the "WallStreetBets" Reddit forum, where retail investors rallied behind so-called "meme stocks" like GameStop and AMC.

The jargon from WallStreetBets is a mix of traditional investing jargon with internet culture jargon, such as "hodl" (an intentional misspelling of "hold") and "diamond hands."

Tesla representatives didn't respond to a request for comment as of publishing.

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