The man at the center of the mimicry stock craze during the pandemic returned to social platform
Keith Gill, better known as “Roaring Kitty,” posted an image Sunday of a man sitting forward in his chair, a meme used by players when things get serious.
He followed up the tweet with a YouTube video from several years ago saying, “That’s it for now because I’m out of breath.” FYI, here’s a quick 4 minute video I made to summarize the pitch for $GME.”
GameStop was a video game retailer that in 2021 was struggling as consumers quickly switched from discs to digital downloads. Mr. Gill and those who agreed with him changed the trajectory of a company that seemed headed for bankruptcy.
As the stock market opened on Monday, it appeared Mr. Gill had reignited that interest, as shares of GameStop doubled, marking the biggest intraday rise since the meme craze of 2021. More memes , like the AMC theater chain, also saw an increase in extremely volatile conditions.
GameStop’s stock was halted seven times in the first hour of trading Monday due to volatility, and it wasn’t the only one.
PHOTO NICK ZIEMINSKI, REUTERS ARCHIVES
GameStop was a video game retailer that in 2021 was struggling as consumers quickly switched from discs to digital downloads.
Mr. Gill became a cause celebre in 2021 after his posts on Reddit’s Wallstreetbets subreddit sparked a battle between thousands of small investors and large hedge funds who were betting heavily on GameStop’s survival, selling its shares discovered.
The little ones won, at least for a while, sending GameStop shares up more than 1,000% in 2021, along with other memes. The struggling AMC theater chain jumped 2,300% in the same year.
These mimetic stocks rose again at the start of the day on Monday.
Shares of GameStop, which have continued to crumble since 2021, jumped 71% midday Monday. AMC Entertainment Holdings was up 35%.
Koss, a headphone maker, soared 52% and Ontario-based BlackBerry, the once-dominant smartphone maker, rose 7%. Retailer Bed, Bath & Beyond, another of these mimic stocks, filed for bankruptcy protection last year.
However, some of these stocks, including GameStop and AMC, had already resumed their rise, and at a sustained pace.
GameStop shares were already up 57% this month. AMC Entertainment Holdings was up 10% over the past 30 days.
Mr. Gill, or Roaring Kitty, largely disappeared from discussion forums after posting a video in June 2021 of kittens falling asleep.
The story of Roaring Kitty and the stock meme craze was the subject of a film last year, called Dumb Money.