The Rise of GameStop Stock: Roaring Kitty’s Influence
The stock market has been buzzing with excitement as GameStop (GME) shares saw a surge in price recently. This spike was attributed to a scheduled livestream on YouTube by Keith Gill, also known as "Roaring Kitty."
Gill, known for his bullish stance on GameStop, announced a live chat session where traders speculated he would discuss his massive stake in the company. This news led to GameStop’s shares jumping over 47% to close at $46.55 per share, with trading briefly halted due to volatility. The stock has more than doubled in value over the past week.
Roaring Kitty first gained attention in 2021 when he sparked a trading frenzy that affected short-selling hedge funds. He resurfaced online after three years, revealing his E-Trade portfolio holding five million shares of GameStop and 120,000 call options.
If exercised, these call options could increase Gill’s stake to 17 million shares, potentially worth over $1 billion if GameStop’s stock reaches previous highs. However, concerns arose about market manipulation, with reports that Morgan Stanley’s E-Trade broker was considering taking action against him.
While CNBC has not independently verified Gill’s holdings, his influence on retail trading and broker practices has been significant. The mania surrounding GameStop in 2021 led to congressional hearings where Gill testified, shedding light on the evolving landscape of the stock market.
Stay tuned to Extreme Investor Network for more updates on GameStop and the latest trends in the financial world.