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Shares of GameStop surged nearly 50% on Thursday following an announcement by the online stock influencer known as “Roaring Kitty” that he would host a livestream on YouTube on Friday.
This marks the latest instance of volatile trading influenced by Keith Gill, the real name behind the Roaring Kitty persona.
Thursday’s surge is part of a broader trend that began last month when Gill returned to social media platform X.com after a three-year hiatus. This resurgence has significantly impacted GameStop’s stock, leading to substantial price increases.
Gill’s return to social media has rekindled rallies in other stocks popular among individual traders:
Keith Gill was a pivotal figure in the 2021 meme stock rally, which saw significant gains in stocks like GameStop, driven by individual investors on Reddit’s wallstreetbets forum. This movement caused substantial losses for hedge funds that had bet against these struggling companies.
The U.S. Securities and Exchange Commission (SEC) investigated the meme stock phenomenon of 2021. The investigation concluded that marketplace systems functioned properly despite the unprecedented volatility.
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