GameStop Shares Surge One Again as Rainmaker ‘Roaring Kitty’ Returns
GameStop’s shares climbed by a whopping 74 percent percent Monday morning after Keith Gill, the man known as ‘Roaring Kitty’ on Reddit who was the driver of the 2021 meme stock frenzy, made his first post in three years, which revealed a purported $116 million position in the struggling video game retailer.
The frenzy was short-lived, cooling off around mid-morning. By 11am EDT, GameStop stock had settled around $29 a share, a 30 percent increase on closing price the previous day.
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Gill had gone dark for three years on Reddit before roaring back onto the scene Monday morning. Three years ago, his posts triggered the meme stock craze that boosted market stragglers like GameStop through mob-like trading by dedicated followers. Other meme stocks like AMC, which was also boosted by the 2021 trading frenzy, rallied on Monday morning, with the theater chain up a magical 13 percent.
The popular Roaring Kitty X account posted a cryptic image Sunday night that appeared to pre-empt Monday morning’s post: a single green Uno reverse card that is itself a popular meme.
— Roaring Kitty (@TheRoaringKitty) June 3, 2024
In the Superstonk Reddit channel dedicated to GameStop meme stock, enthusiasts cheered the return of their messiah and posted several messages hyping each other up.
“TODAY’S THE DAAAAAAAY,” one user, with 3,300 up-votes, wrote.
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