Meme Stock GameStop Rallies After Roaring Kitty Post
14 Maio 2024 - 9:31AM
IH Market News
Shares in video game retailer GameStop jumped more than 70% in
Monday morning’s trade as investors jumped into the stock.
The surprise boom followed the online reappearance of Keith
Gill, known as Roaring Kitty, who spearheaded the explosion in the
struggling firms share price in January 2021, going against the
bets of professional Wall Street firms.
Gill was one of the most high-profile of the group of
independent investors who used online forums to swap investment
tips. They drove a buying frenzy of shares in GameStop, which put
pressure on hedge funds who had shorted the stock, expecting its
price to fall. The story of the meme stock inspired the movie
Dumb Money.
Gill had not posted on X (Twitter) since mid-2021, but on Sunday
posted a graphic, following it up with two posts on Monday morning,
alluding to his return.
History may be repeating itself, because the sudden resurgence
in the share price has cost short sellers a loss of around $838
million after yesterday’s record-breaking rally, , according to
data firm S3 Partners, cited by CNBC. The stock (NYSE:GME) closed
up 74.40% at $30.45 after Roaring Kitty’s return.
Other meme stocks also surged on Monday: AMC (NYSE:AMC) jumped
15%, while Reddit (NYSE:RDDT) traded up 9%.
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