The stock trader known as Roaring Kitty is back in the spotlight, sparking a market frenzy around alleged meme stocks that appear to be fueled by the power of the internet.
Keith Patrick Gill (aka Roaring Kitty) is known for encouraging short selling of GameStop (GME) stock in 2021, sparking a firestorm in the meme stocks category, and has since disappeared from the online community. .
Gill returned by posting the meme at 8pm on May 12, 2024, and by the next morning, GameStop’s stock price soared again.
The meme in question simply depicts a person playing a video game leaning over, which is a metaphor for taking things too seriously. A nearly identical meme of his was posted by GameStop in February 2024 with the caption “From Casual to Competitive.” image.
On the morning of May 13, 2024, GameStop stock began trading at approximately $21. Within 24 hours, the price had nearly quadrupled to about $80.
GME wasn’t the only meme stock to make a comeback.
“Every time I think I’m out, they pull me back in!”
Movie theater company AMC Entertainment Holdings (AMC) posted a similar profit.
AMC opened at about $3.10 on May 13, but has nearly quadrupled in the next 24 hours to more than $12.50 per share.
Both brands were not only helped by meme circulation and lots of content. meme Next up will be Barstool Sports owner Dave Portnoy, who will once again throw himself into the fray.
“Do you want to go crazy? [Roaring Kitty] Let’s go crazy! ” Portnoy wrote X. “Every time I think I’m out, they pull me back in!” he added.
“Breaking news, you can’t afford to miss this once-in-50-year storm. If you want to party, let’s party,” Portnoy said in a breaking news video.
The sports brand operator then announced it would buy $500,000 worth of AMC stock and $500,000 worth of GameStop stock.
“You want to know who’s on this ship? I’m on this damn ship. Let’s go!” he added.
GameStop and AMC struggled in 2021, and the franchise appeared to be all but dead, until Mr. Gill gained national attention for his comments about GameStop. The meme stock then took on a life of its own. reddit.
The deal culminated through a Reddit group. wall street betwith Portnoy and Gil.
Portnoy even clashed publicly with the CEO of trading app Robinhood over the company’s decision to halt trading in GameStop stock.
Robinhood CEO Vladimir Tenev confronted Portnoy. fox newsTenev said his company supports “the little guy.”
“We’re thinking about it all,” he added.
“You did something that gave the big guy a huge advantage. That’s the exact opposite of helping the little guy. You killed the little guy,” the Barstool Sports founder wrote back. I did.
Mainstream stock advisors have warned casual traders about this latest trend.
Roaring Kitty “seems like the most likely target of renewed interest” [in the stocks] But I would be careful not to characterize participants in this phenomenon as investors,” said Art Hogan, chief market strategist at B. Riley Wealth. Reuters.
Gill, on the other hand, seems to have done nothing but post memes and movie clips since stocks became unpredictable again.
Do you like Blaze News? Avoid censorship and sign up for our newsletter to get articles like this delivered straight to your inbox. Please register here!
