New York, NY – GameStop stock surged after a prominent YouTube account connected to investor Keith Gill, also known as "Roaring Kitty," announced a livestream scheduled for Friday at noon ET. The video game retailer’s shares saw a 33% increase in pre-market trading following a 47% rise in the previous session.
A Reddit user, DeepF***ingValue, who had been linked to Gill before, shared a screenshot revealing a portfolio totaling $586 million, which included GameStop stock holdings and unexercised options positions. This came after the user disclosed a $175 million investment in GameStop, which later grew to a value closer to $210 million, leading to a surge in shares.
The upcoming livestream on Friday marked Roaring Kitty’s return to the channel since igniting the meme stock rally in 2021 with bullish content about GameStop. The channel, boasting over 730,000 subscribers, clarified that the streams are for educational and entertainment purposes only, refraining from offering personal investment advice.
Recent market activity saw GameStop stock on a rollercoaster ride as Gill reemerged on social media platforms. Following this resurgence, executives at E-Trade were reportedly considering taking action against an account tied to the screenshot, triggering a 5% drop in GameStop shares.
Analysts cautioned that the recent rally may not have the same lasting impact as before, as retail inflows were not as significant as those seen in 2021. The volatile movement of GameStop stock in recent times has brought attention back to Gill and his involvement in the company’s trajectory.
Gill, along with other industry figures, previously appeared before a congressional committee to address the retail-driven short squeeze of GameStop’s stock price, shedding light on his motives for investing in the struggling video game retailer. The correction made earlier clarified that E-Trade is owned by Morgan Stanley, not JPMorgan, averting any confusion.
As the stock market continues to capture attention with its unpredictable movements, the influence of social media and individual investors like Gill on traditional market dynamics remains a topic of ongoing scrutiny and analysis. The evolving landscape of investment trends reflects a new era where the line between amateur and professional investors continues to blur.