>
> emacs-28.2 -Q -nw --color=no
> s t o n k s M-$ 1
>
> At this point, I expect to see the word "stonks" replaced with "stocks",
> but it is instead replaced with "stockstonks".
>
> The problem seems to be in ispell-highlight-spelling-error-generic, a
> 20th-century kludge from before face support for ttys was added in
> emacs-21 in 2001.  It's been unnecessary since then, and it looks like
> it's been breaking ispell on colorless ttys since at least emacs-23.
>

This recipe can be reproduced with Emacs 25, 26, 27 and 28... but not with
Emacs 29, in which "stonks" is indeed replaced with "stocks".