Elmo, the furry red toy doll known for laughing hysterically, has a new update. The newest model falls and laughs as it clutches its belly.

Fisher-Price, a division of American Toymaker Mattel unveiled the latest version of the toy Tuesday on ABC's "Good Morning America.' The toy's name, "T.M.X. Elmo,' stands for "Tickle Me Extreme' or "Tickle Me 10,' which represents the toy's 10 year run.

In that time it has become one of the most wanted toys nearly every Christmas shopping season.

Company representatives have been tight lipped about the latest edition of the doll, which in past years, has been in hot demand, triggering bidding wars on online sites such as eBay. Prices there have soared into the hundreds of dollars.

The suggested retail price for this year's model is $39.99.