Controversial internet personality Andrew Tate has made headlines with his recent investment decision to convert $500,000 worth of Bitcoin into GameStop (GME) stock and meme coins. The former professional kickboxer turned social media influencer is taking a stand against Wall Street hedge funds and showing his support for the surge in meme stocks.

GameStop stock has seen a remarkable increase in value, more than doubling in the past 24 hours, resulting in significant losses of around $1.4 billion for investors who had bet against its rise. This sudden surge in GameStop’s value has led to trading halts on various exchanges, with the stock currently trading at $32.50, a substantial rise from its price of $10 just a month ago.

Andrew Tate’s investment move echoes the 2021 meme stock rally, which was notably influenced by Keith ‘Roaring Kitty’ Gill’s posts on Reddit. Gill’s recent return to social media has reignited interest in GameStop and other meme stocks, drawing parallels to the current market situation.

In his social media statements, Tate has emphasized his unwavering commitment to holding onto his GameStop stock regardless of price fluctuations. He has adopted the ‘Diamond Hands’ mentality, a term popularized by the Reddit community r/wallstreetbets, referring to investors who hold onto their stock despite potential losses.

Describing his investment as a ‘perma donation’ to the cause against the financial system, Tate aligns himself with the Occupy Wall Street movement and resonates with many retail investors who criticize hedge funds and financial institutions for economic instability.

Andrew Tate’s investment decision comes amidst legal challenges in Romania, where he and his brother are facing investigations related to serious allegations. Despite these challenges, Tate remains steadfast in his investment strategy and his stance against traditional financial institutions.