GameStop soars as Roaring Kitty breaks social media silence
The prodigal son of meme stocks returns to X for the first time in 3 years
Keith Gill, a.k.a. Roaring Kitty, a.k.a. DeepFuckingValue, a.k.a. the trader who made millions off the infamous GameStop (GME) short squeeze in 2021 has started posted again on X (formerly known as Twitter).
And such is the craziness of the meme stock sector, his return saw the GME stock price rise more than 100% from its Friday close, roughly 50 months after it shot up 2,000% in one of the most eventful chapters in Wall Street history.
Who is Roaring Kitty again?
Roaring Kitty is the X and YouTube username of US trader Keith Gill, who turned a roughly US$50,000 investment in GameStop into almost US$50 million in January 2021.
A self-professed value investor, Gill believed GameStop was undervalued by the market and took a significant long position on the stock, which inspired a wave of retail interest in the US stock market, especially on stocks that were subject to heavy short-interest like GameStop and AMC.
As a result, the GME share price skyrocketed, leaving many retail investors with huge profits, and causing billions of dollars of losses to hedge funds who had bet against the stock.
What did he post?
Gill posted a meme of a gamer sitting forward in his chair, an image used to signify that things are getting more serious, on Monday morning (AEST).
Since then, he has continued to post a series of crypto, self-referential videos and memes.
What happened to GME?
Given his status as the patron saint of meme stocks, Gill's post inspired a rally on GME, with the stock price rising almost 110% to US$36.70 in early trading on Monday. It then pulled back slightly, but is again trading around US$37 in after hours trading. Trading was halted multiple times due to volatility.
It was GME's best single-day performance since the infamous short squeeze and arrested what has been a protracted decline in the share price since 2021.
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