GameStop (GME) stock rose 47% on Thursday after a YouTube account believed to be linked to investor Keith Gill, also known as “Roaring Kitty” on social media, posted a live broadcast scheduled for Friday at noon ET.
After the market closed, Reddit user DeepF—ingValue, an account previously linked to Gill, posted a new screenshot purporting to show his position in the video game retailer totaling $586 million, including including unexercised shares and option positions.
Earlier this week, the same user revealed that he paid $175 million for a position in GameStop, then valued at more than $210 million. Stocks also jumped following the disclosure.
Friday’s live stream would be the first live appearance on the channel since Gill helped spark 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 am not providing personal investment advice or stock recommendations during the stream,” the YouTube account’s description reads.
The channel has over 730,000 subscribers.
GameStop shares have been on a roller coaster ride over the past month as Gill re-emerged on social media.
Late Monday, following the emergence of the user over the weekend, the The Wall Street Journal reported that Executives at Morgan Stanley’s E-Trade platform were considering creating an account linked to the screenshot. GameStop shares fell about 5% the next day.
“Is whoever controls this account doing this in your best interest or in their best interest? And, really, you should think about that because, to me, it (is) pretty obvious who that is,” Steve Sosnick, chief strategist. at Interactive Brokers, told Yahoo Finance earlier this week.
“If you are chasing stocks here, you are more than likely the source of liquidity allowing whoever controls this account to sell according to your enthusiasm.”
GameStop rose 180% in two days in mid-May after ‘Roaring Kitty’ posted for the first time on X, formerly Twitter, since 2021.
Last month’s rally was short-lived and analysts warned that the meme stock 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 investigation into Wild overdraft of GameStop shares by retail investors. price.
In his testimony before the House Financial Services Committee, Gill explained why he invested in the struggling video game retailer.
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