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GameStop shares surge over 40% as ‘Roaring Kitty’ plans YouTube livestream on Friday

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GameStop shares surged after “Roaring Kitty” scheduled a livestream on YouTube, marking his first one in almost four years. Keith Gill, also known as Roaring Kitty, set the time for his live chat at noon Friday, sparking speculation that he would discuss his massive GameStop stake. The stock rose over 47% to close at $46.55 per share, hitting a high of $47.50 during the session. Trading was briefly halted due to volatility, and the stock has more than doubled so far in the week. Gill, who goes by DeepF—–Value on Reddit, resurfaced online after posting screenshots of his E-Trade portfolio holding five million GameStop shares and 120,000 call options, valued at over $200 million. If exercised, these options could bring his stake to 17 million shares, potentially worth over $1 billion if the stock hits its May high.

More than 10,000 people were waiting in the livestream, with numerous comments flooding the chat box. Gill, a former marketer for Massachusetts Mutual Life Insurance, had paused posting updates after reports that Morgan Stanley’s E-Trade broker was considering removing him over concerns of market manipulation. The mania in 2021 led to congressional hearings featuring Gill, focusing on brokers’ practices and retail trading. Despite this, Gill’s positions in GameStop appear to remain unchanged as of Thursday night. His investments in the video game retailer have gained attention due to the upheaval caused in the stock market earlier this year.

The resurgence of Roaring Kitty on social media and the market has reignited interest in GameStop, with traders eagerly anticipating his livestream. The stock’s sharp rise reflects the impact of influencers and social media on stock prices, a trend that has become increasingly prominent in recent years. Gill’s position in GameStop, bolstered by his massive stake and call options, has made him a key figure in the ongoing saga of meme stocks, which have captured the attention of both Wall Street and Main Street.

Investors are closely watching Gill’s movements and statements, as they could potentially influence the market and GameStop’s stock price. The livestream and Gill’s continued engagement on social media have added a new dimension to the ongoing discussion surrounding retail trading and market dynamics. The impact of social media influencers on stock prices is a topic of debate, with regulators and investors monitoring the situation closely.

As GameStop continues to be in the spotlight, investors and traders are weighing the potential opportunities and risks associated with the stock. Gill’s significant stake in the company has raised questions about the sustainability of the stock’s rally and the potential for further volatility. The livestream and Gill’s positions in GameStop are likely to drive further speculation and activity in the stock, as investors seek to capitalize on the latest developments in the market.

Overall, Roaring Kitty’s return to the spotlight and the resurgence of interest in GameStop underscore the dynamic nature of the stock market and the influence of social media on stock prices. As investors navigate the evolving landscape of retail trading and market dynamics, they are closely monitoring the actions and statements of influencers like Gill. The livestream and Gill’s stake in GameStop are likely to shape the ongoing narrative surrounding meme stocks and their impact on the broader market.

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