Friday, June 21, 2024
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Shares of GameStop Rise After a Meme Stock Influencer Discloses a $116 Million Wager

GameStop’s stock increased 21% on Monday as the renewed craze for meme stocks isn’t slowing down.

Hours after stock influencer Keith Gill, also known as “Roaring Kitty,” disclosed on Reddit that he had purchased nearly $116 million worth of the video game retailer’s stock, the stock shot up. GameStop’s stock saw a 75% increase earlier in the day before retreating from its gains.

This was Gill’s first Reddit post in over three years, during the height of the social media-fueled excitement surrounding GameStop (GME) shares.Meme stocks are stocks whose value fluctuates dramatically based not on the company’s core qualities but on its popularity among social media trading communities. In 2021, the craze began with GameStop and spread to other businesses like AMC Entertainment (AMC) and Bed, Bath and Beyond, which declared bankruptcy.

As his first post on X in three years, Gill’s meme of a man leaning forward in a chair while clutching a video game console also caused GameStop shares to soar last month. A cartoon similar to this was posted by GameStop back in February.

The website Know Your Meme interprets the meme as meaning “when things get serious.

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