Roaring Kitty's Comeback Sparks GameStop Chaos
Via CBS News
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GameStop shares surged more than 72% on Monday after Keith Gill, the trader known as Roaring Kitty who fueled the 2021 meme stock craze, returned to social media following roughly three years of silence.
Gill, a former MassMutual financial analyst, resurfaced on X late Sunday with a cryptic sketch of a man leaning forward in a chair, then followed with video clips that hinted at a comeback.
The stock climbed to about $28.25, still far below its January 2021 record of $120.75, and shares of AMC jumped more than 78% in a parallel rally.
Short sellers betting against GameStop lost more than $1 billion in a single day, echoing the roughly $5 billion hedge funds lost during the original 2021 frenzy.
The renewed interest arrived after GameStop reported its first annual profit since 2018, even as its most recent quarterly revenue fell to $1.79 billion from $2.23 billion a year earlier.
Gill's reappearance shows how much power a single retail figure still holds over a stock that became a symbol of the meme trading era.
Gill, a former MassMutual financial analyst, resurfaced on X late Sunday with a cryptic sketch of a man leaning forward in a chair, then followed with video clips that hinted at a comeback.
The stock climbed to about $28.25, still far below its January 2021 record of $120.75, and shares of AMC jumped more than 78% in a parallel rally.
Short sellers betting against GameStop lost more than $1 billion in a single day, echoing the roughly $5 billion hedge funds lost during the original 2021 frenzy.
The renewed interest arrived after GameStop reported its first annual profit since 2018, even as its most recent quarterly revenue fell to $1.79 billion from $2.23 billion a year earlier.
Gill's reappearance shows how much power a single retail figure still holds over a stock that became a symbol of the meme trading era.
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