GameStop Shares Surge as 'Roaring Kitty' Returns to Social Media

Keith Gill, aka "Roaring Kitty," returned to social media, posting a GameStop meme and YouTube video, causing the company's shares to soar. GameStop's stock price more than doubled, with shares trading 60% higher at midday, marking the biggest intraday trading jump since 2021.

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Bijay Laxmi
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GameStop Shares Surge as 'Roaring Kitty' Returns to Social Media

GameStop Shares Surge as 'Roaring Kitty' Returns to Social Media

Keith Gill, the investor known as "Roaring Kitty" who helped ignite the GameStop trading frenzy in 2021, made a surprise return to social media on Monday, sending the company's shares soaring. Gill posted an image on X (formerly Twitter) of a man sitting forward in his chair, a meme used by gamers when things are getting serious, followed by a YouTube video from years before championing GameStop.

Why this matters: The influence of retail investors on the stocks, as demonstrated by Gill's actions, has the potential to disrupt traditional Wall Street dynamics and create unexpected market fluctuations. This phenomenon also highlights the power of social media in shaping investor sentiment and driving market trends.

GameStop's stock price more than doubled at the opening bell, with shares trading 60% higher at midday, marking the biggest intraday trading jump since the meme craze of early 2021. Other meme stocks, such as AMC Entertainment Holdings Inc., Koss Co., and BlackBerry, also surged in value. Trading in GameStop was halted eight times before noon on Monday due to market, activity.

Gill's actions in 2021 ignited a "short squeeze" against big Wall Street hedge funds that were betting against GameStop, resulting in massive losses for the hedge funds. The short positions against GameStop's tradable shares now stand at around 24%, down from over 140% in 2021.

The US market, hours exchanges, including the New York Stock Exchange (NYSE) and Nasdaq, offer pre, market trading between 8am and 9:30am ET and after-hours trading between 4pm and 8pm ET. This allows traders to react to news outside regular trading hours through electronic communications networks.

Gill's return to social media has reignited interest in GameStop and other meme stocks, demonstrating the continued influence of retail investors on the market. As trading continues, all eyes will be on GameStop to see if the current surge in its stock price has staying power or if it will be a short-lived phenomenon like the one seen in early 2021.

Key Takeaways

  • Keith Gill ("Roaring Kitty") returns to social media, sending GameStop shares soaring.
  • Gill's post sparks 60% intraday jump in GameStop stock, biggest since 2021.
  • Retail investors' influence can disrupt traditional Wall Street dynamics.
  • Short positions against GameStop's shares now at 24%, down from 140% in 2021.
  • Gill's return reignites interest in GameStop and other meme stocks.