GameStop Shares Surge as "Roaring Kitty" Returns to Social Media
Quote from VATcal on 13/05/2024, 19:50GameStop Corp. shares skyrocketed by 80% today, following a surprise reappearance by Keith Gill, the retail investor known online as "Roaring Kitty." Gill, who became a central figure during the meme stock frenzy of 2021, posted on his previously dormant social media account, sparking a surge in interest among retail traders.
The rise in GameStop's share price comes after a period of decline for the video game retailer. However, Gill's return has reignited excitement on the WallStreetBets forum on Reddit, a platform known for its focus on retail investing. The forum was abuzz with activity today, with many users attributing the surge to Gill's comeback.
This development could potentially lead to a renewed retail trading frenzy similar to the one witnessed in early 2021. Back then, GameStop's share price soared over 1,000% in a short squeeze, causing significant losses for hedge funds that had bet against the company.
The impact of Gill's return extends beyond GameStop. Shares of Reddit itself also saw a sharp rise today, reaching their highest level since the social media company's initial public offering (IPO) in March. Robinhood, the online brokerage that played a controversial role during the 2021 meme stock frenzy, also experienced a surge in share price.
While it's too early to predict if this is the start of another major rally, today's events highlight the continued influence of retail investors in the stock market. The return of "Roaring Kitty" has undoubtedly rekindled the fire of the meme stock phenomenon, and it will be interesting to see how traditional financial institutions react to this renewed wave of retail enthusiasm.
GameStop Corp. shares skyrocketed by 80% today, following a surprise reappearance by Keith Gill, the retail investor known online as "Roaring Kitty." Gill, who became a central figure during the meme stock frenzy of 2021, posted on his previously dormant social media account, sparking a surge in interest among retail traders.
The rise in GameStop's share price comes after a period of decline for the video game retailer. However, Gill's return has reignited excitement on the WallStreetBets forum on Reddit, a platform known for its focus on retail investing. The forum was abuzz with activity today, with many users attributing the surge to Gill's comeback.
This development could potentially lead to a renewed retail trading frenzy similar to the one witnessed in early 2021. Back then, GameStop's share price soared over 1,000% in a short squeeze, causing significant losses for hedge funds that had bet against the company.
The impact of Gill's return extends beyond GameStop. Shares of Reddit itself also saw a sharp rise today, reaching their highest level since the social media company's initial public offering (IPO) in March. Robinhood, the online brokerage that played a controversial role during the 2021 meme stock frenzy, also experienced a surge in share price.
While it's too early to predict if this is the start of another major rally, today's events highlight the continued influence of retail investors in the stock market. The return of "Roaring Kitty" has undoubtedly rekindled the fire of the meme stock phenomenon, and it will be interesting to see how traditional financial institutions react to this renewed wave of retail enthusiasm.
