GameStop Stock News: Roaring Kitty meme sends meme stocks soaring

  • 📰 FXStreetNews
  • ⏱ Reading Time:
  • 18 sec. here
  • 4 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 72%

Technical Analysis News

Newstrading,AMC

It was the meme heard ‘round the world. On Sunday, May 12, Keith Gill posted a meme on X (formerly Twitter) of a man leaning forward in his seat, which is normally used by video game enthusiasts to mean a situation is getting serious.

Keith Gill returns to social media after three-year hiatus. GameStop stock soars over 100% on the news on top of early May rally. Analysts say Monday's gains might mean $500 million loss for short-sellers. AMC, BlackBerry, Koss also see gains on meme stock euphoria. It was the meme heard ‘round the world. On Sunday, May 12, Keith Gill posted a meme on X of a man leaning forward in his seat, which is normally used by video game enthusiasts to mean a situation isgetting serious.

Why is GameStop called a meme stock? In January of 2021, retail stock traders that organized on Reddit’s r/WallStreetBets forum realized that GameStop’s short ratio exceeded its float through the use of naked shorts. This information circulated until a group of traders decided to buy up the small amount of shares that were available.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in BUSİNESS

Business Business Latest News, Business Business Headlines