Yahoo Finance GameStop Shares Surge Once More As Meme Trader 'Roaring Kitty' Makes Comeback
Shares in GameStop soared after the trader at the center of the meme stock frenzy in the pandemic era returned to the fray.
Keith Gill, nicknamed Roaring Kitty, posted an image Sunday night on X (formerly Twitter) of a man sitting forward in his chair. In the world of meme stock trading, in which social media drives the price of shares, participants take this to mean things are getting serious.
It was the first post from the account in three years and appeared to stir the markets into a bullish mood about the video game retailer’s stock price.
The morning after Gill’s post, shares of GameStop more than doubled at Monday’s opening bell, according to The Associated Press.
Shares in GameStop soared after the trader at the center of the meme stock frenzy in the pandemic era returned to the fray.
Keith Gill, nicknamed Roaring Kitty, posted an image Sunday night on X (formerly Twitter) of a man sitting forward in his chair. In the world of meme stock trading, in which social media drives the price of shares, participants take this to mean things are getting serious.
It was the first post from the account in three years and appeared to stir the markets into a bullish mood about the video game retailer’s stock price.
The morning after Gill’s post, shares of GameStop more than doubled at Monday’s opening bell, according to The Associated Press,
At midday, GameStop shares were trading 60% higher than Sunday’s listed price, marking the biggest day of trading for the company since the meme craze of early 2021.
Trading in GameStop was halted eight times before noon Monday due to the volatility.
Other meme stocks, including the theater chain AMC, were given a shot in the arm, resulting in a boost in their prices, amid GameStop’s Monday comeback.
Gill, in the guise of Roaring Kitty, had vanished from messaging boards after posting a video in June 2021 of kittens going to sleep.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
The original GameStop craze was fueled by a bunch of Reddit users working together to intentionally inflate the company’s stock price, resulting in hedge fund managers losing money.
The David-and-Goliath battle drove shares of GameStop up more than 1,000% in 2021. AMC jumped 2,300% in a very short span of time in the same year.
As a result, some big traders lost an estimated $5 billion, according to the analytics firm S3 Partners.
Gill reaped a big profit from investing in GameStop, which has seen its stock market value fade steadily in the last three years.
The story of Roaring Kitty and the meme stock craze was turned into a movie last year called “Dumb Money.”
