GameStop stock soars as 'Roaring Kitty' announces livestream, reveals $382 million unrealized gain
GameStop stock (GME) rocketed higher after a YouTube account believed to be tied to investor Keith Gill, also known as "Roaring Kitty" on social media, posted a livestream scheduled for Friday at noon ET.
Shares of the video game retailer jumped 33% in premarket trading on Friday after rising 47% in Thursday's session.
After the market close on Thursday, Reddit user DeepF***ingValue, an account previously tied to Gill, posted a new screenshot purporting to show their portfolio ballooning to $586 million, including GameStop stock holdings and unexercised options positions.
Earlier this week, the same user revealed they'd paid $175 million for a position in GameStop at that time valued closer to $210 million. Shares surged following that disclosure too.
Friday's livestream would be the first live appearance on the channel since Gill helped ignite the meme stock rally in 2021 via bullish videos and posts about the video game retailer.
"The Roaring Kitty channel and live streams are for educational and entertainment purposes only. I don't provide personal investment advice or stock recommendations during the stream," read the YouTube account's description.
The channel has more than 730,000 subscribers.
Shares of GameStop have been on a rollercoaster over the past month as Gill reemerged across social media.
Late Monday, following the user's emergence over the weekend, the Wall Street Journal reported that executives at Morgan Stanley's E-Trade platform were considering kicking off an account tied to the screenshot. Shares of GameStop fell some 5% the next day.
"Is whoever controlling this account doing this in your best interest or in their best interest? And, really, you should think that one through because, to me, it [is] pretty obvious whose interest it's in," Steve Sosnick, chief strategist at Interactive Brokers, told Yahoo Finance earlier this week.
"If you're chasing the stock up here, you're more likely than not the source of liquidity for whoever is controlling this account to sell into your enthusiasm."
GameStop rallied 180% over a span of two days in mid-May after "Roaring Kitty" posted for the first time on X, formerly known as Twitter, since 2021.
Last month's rally was short-lived, and analysts warned that the meme action this time around was a far cry from the level of retail inflows seen in 2021.
More than three years ago, Gill, along with the CEOs of Robinhood (HOOD), Citadel, Reddit (RDDT), and Melvin Capital, all appeared as part of a congressional committee’s investigation into the wild retail investor-driven short squeeze of GameStop’s stock price.
In his testimony before the House Financial Services Committee, Gill laid out his case for why he invested in the struggling video game retailer.
Correction: An earlier version of this story referred to E-Trade as JPMorgan's trading platform. The platform is owned by Morgan Stanley. We regret the error.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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