FILE – In this image from video provided by the House Financial Services Committee, Keith Gill, a GameStop investor, also known in social media forums as Roaring Kitty, testifies during a virtual hearing on GameStop in Washington, Feb. 18, 2021. The man at the center of the meme stock craze during the pandemic returned to the social platform X for the first time in three years Sunday, May 12, 2024, and sent prices of those stocks surging overnight.
Gill and those who agreed with him changed the trajectory of a company that appeared to headed for bankruptcy by buying up thousands of GameStop shares in the face of almost any accepted metrics that told investors that the company was in serious trouble. At Monday’s opening bell it appeared that Gill had reignited the phenomenon as shares of GameStop more than doubled. At midday, shares were trading 60% higher. It’s the biggest intraday trading jump for GameStop since the meme craze of early 2021. Other meme stocks like the theater chain AMC were jolted higher as well.Gill became a cause célèbre in 2021 after his posts on the Reddit subcategory Wallstreetbets ignited a David vs.
Some big traders posted collosal losses as GameStop raced from less than $20, to close to $400 each. Citron Research, Melvin Capital and other well-known hedge funds
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