Markets
GameStop plunges 40% as trading icon Roaring Kitty returns to livestream
Retail legend Keith Gill, otherwise known as Roaring Kitty or aka DeepF*ckingValue on social media, is back to his livestream for the first time in several years on Friday.
Ahead of the live stream, GameStop (GME) shares tumbled 25% in the morning hours of Friday’s session after the company rushed out a first-quarter earnings report and a 75 million stock offering on the heels of the stock’s sharp rise this week.
Stocks continued to fall during Gill’s appearance as he attempted to lay out his long-term bull case on GameStop. They are currently 40% lower for the day.
The Solana-based GME meme token, which was inspired by the company but has no affiliation with it, nearly doubled its price in less than a day before sharply paring gains on Friday. At the time of writing this article was down 50% compared to the previous hours, although this week it has still more than tripled.
Gill returned to social media last month, after three years of silence, sparking a GameStop speculative frenzy that spilled over into the memecoin market with the launch of multiple opportunistic tokens on the Solana blockchain.
On Thursday, Gill revealed in a Reddit post that his stock and options position was worth $586 million at the time.