GameStop shares were expected to fall on Thursday by “Roaring Kitty,” the creator of the meme-stock craze. Friday YouTube Live Event.
The live stream is June 7th, 12pm ET Nearly 13,000 people were already waiting for the event to start.
Business Insider The company first reported the surge early Thursday, noting that shares had risen by as much as 50%, trading at $43.66 as of 3:40 p.m. ET.
Roaring Kitty (legally known as Keith Gill) rose to fame through social media platforms such as his YouTube channel and the Reddit community r/WallStreetBets. He became popular among amateur traders, which has exploded during the COVID-19 pandemic.
In 2019, Gill explained why he thought it was a good idea to buy GameStop shares, which were worth less than $1 at the time. By late January 2021, with so many traders investing, the stock peaked at more than $80.
Mr. Gill made millions and then faced fierce backlash from Wall Street and Washington. Mr. Gill and his employer, MassMutual, were embroiled in lawsuits but no criminal charges were filed, despite calls from Wall Street for a crackdown on meme-stock hype.
He testified before a House committee and the frenzy over GameStop shares had subsided until last month.
Roaring Kitty once again roiled the markets in May with her first social media post in years. GameStop’s stock price soared again after Gill posted the meme.
It’s unclear what Gill will say during his livestream on Friday. He could talk about GameStop stock or other investment opportunities. Whatever it is, people are sure to be excited to tune in.
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