Meme stock leader Keith Gill, also known as Roaring Kitty, made his return to YouTube after three years away from the platform with a livestream that generated more than 600,000 viewers and addressed his belief in video game retailer GameStop, which has experienced volatile stock swings since Gill’s return to social media last month.
The livestream began shortly before 13:30 p.m. Eastern Time. (Photo Illustration by Pavlo ... [+]
Gill’s stream pulled in as many as 630,000 viewers near its start as Gill expressed happiness in returning to YouTube after a three-year hiatus from the platform.
GameStop shares jumped near the start of the livestream before steadily declining, with the stock trading down more than 36% at $29.47 around 1:45 p.m. Eastern Time.
Gill, who revealed he holds a $160.4 million position in GameStop, said he’s a “believer” in the retailer and that investing in it is a bet on its management’s ability to transition the legacy business into one attuned to modern markets.
Gill cautioned viewers to be careful when investing in GameStop, characterizing investments in the company as “very risky business opportunities” and saying he reserves the right to change his mind on its stock and that fellow investors should do the same.
Gill, who online brokerage E-Trade has considered kicking off their platform over concerns of stock manipulation, repeatedly asked viewers if he could make statements about GameStop’s stock, saying he has seen headlines about his potential removal and wondered if his positions will remain active on E-Trade.
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$10 billion. That’s GameStop’s market capitalization as of Friday afternoon.
Gill, the meme stock leader known for spearheading a massive stock surge in GameStop in 2021, returned to social media last month, sending shares up from $17 to $37. The company’s stock has since proven volatile, with shares closing up as high as $48.75 and as low as $18.32 in May. GameStop shares rocketed more than 30% after Gill scheduled his livestream Thursday, boosting the company’s stock to $64.11 per share in after-hours trading—though the gains have largely been erased as of Friday afternoon. E-Trade and its owner, Morgan Stanley, have had internal conversations considering whether Gill can manipulate the stock and if they should remove him from the platform, according to The Wall Street Journal. However, the online brokerage is considering the risk of possible backlash from Gill’s online followers in determining his removal, according to the report.
E-Trade Mulls Removal Of Meme-Stock Trader Keith Gill, Report Says (Forbes)
GameStop Storms 110% Toward Best Day Since 2021 On Return Of Meme Stock Folk Hero ‘Roaring Kitty’ (Forbes)