GameStop stock falls 40 percent as ‘Roaring Kitty’ hosts live stream

Keith Gill, also known as the "Roaring Kitty," influenced the trading frenzy around GameStop's stock through his social media activity. In mid-May, he began posting memes on his @TheRoaringKitty X account, which led to a 150% increase in GameStop shares over the next two days. Later, a Reddit account linked to Gill shared a screenshot showing a $115.7 million position in GameStop, with millions in additional call options. Another screenshot showed he had held onto his shares for a gain of $78.6 million in a single day. Gill's return to social media and his posts about GameStop sparked a renewed interest in the stock, leading to significant price swings.

Keith Gill's live stream started with pounding drums and pictures of cats, and it was his first public appearance in years since his Reddit posts about GameStop in 2021. Although he offered no new information about his holdings or investment strategy, Gill's slightest online move once again sparked dramatic swings in the stock market for the handful of struggling companies he helped power to online fame. GameStop's stock price started falling the moment Gill's live stream began, and by the time his rambling discourse finished 50 minutes later, GameStop shares were trading below $30 a share. The tone of the live stream was quite different from his usual discourse on investment strategies, as it was more focused on entertainment and did not provide any substantial information about his investment plans or strategies.