Servers for GameStop annual shareholder meeting crash due to overwhelming interest
How did Computer Share respond to the server crash during GameStop's annual shareholder meeting?
Computer Share responded to the server crash during GameStop's annual shareholder meeting by acknowledging the issues and working to resolve them. A customer service representative for Computer Share told CNBC that they were seeing a "mass amount" of issues from people trying to access the meeting. The representative said that Computer Share's servers appeared to be unable to handle the amount of traffic the meeting had received and were not accustomed to the volume of accounts. The tech team at Computer Share was working to solve the issue and advised interested parties to attempt to log in "every 5 to 10 minutes."
What specific technical issues did GameStop's annual shareholder meeting encounter during its scheduled streaming?
The specific technical issues that GameStop's annual shareholder meeting encountered during its scheduled streaming were related to the servers crashing under the overwhelming interest and traffic in the event. The servers were unable to handle the amount of traffic the meeting had received, as they were not accustomed to the volume of accounts. This issue was mentioned by a customer service representative for Computer Share, the company hosting the meeting. As a result, many people trying to access the meeting received error messages that the page couldn't load.
Can you detail the impact of Keith Gill's online activity resumption on the meme stock market, particularly relating to GameStop?
Keith Gill, also known as "Roaring Kitty" online, had a significant impact on the meme stock market, particularly GameStop, when he resumed posting on his social accounts after more than three years of being inactive. His posts and online activity sparked a new meme stock craze, attracting immense interest from traders and retail investors.
Gill gained notoriety in the online trading realm for his big bets on GameStop stock, which led to a frenzy among retail traders. When he re-emerged online, many traders started closely monitoring his positioning, as his actions could potentially influence the stock's price. For instance, a sell-off in GameStop shares intensified suddenly just as the trading volume spiked in the call options that Roaring Kitty owns.
GameStop's stock price skyrocketed after Gill posted what appeared to be evidence of a massive position in the game retailer. Shares more than doubled in premarket trading on Monday morning, though gains later pared to $40.19 per share by the time markets opened, a jump of around 74%. Prices fell sharply once markets opened, but GameStop shares were still trading at around $31.15 per share around an hour after markets opened, a nearly 35% increase from the closing price on Friday.
In addition to fueling a rally in the GameStop meme stock, Gill’s post appears to have propelled a meme cryptocurrency of the same name to new heights as well. Solana-based memecoin GME has skyrocketed more than 230% over the last 24 hours and now has a market capitalization of $94.5 million.
Overall, Keith Gill's online activity resumption had a substantial impact on the meme stock market, with GameStop shares surging and attracting significant attention from traders and investors.