Just over three years ago Keith Gill, known as Roaring Kitty, became a Wall Street sensation, inspiring a pack of amateur investors to buy up shares of GameStop and briefly make it one of the world’s most prized stocks. The Twitter account for Roaring Kitty started tweeting last month and people blindly ran headfirst into buying GameStop. On Thursday, a live stream on Gill’s YouTube show was scheduled, sparking an all-new frenzy of speculation.
GameStop seemed to be aware of the big event and decided to join in the celebration although it may have backfired. The video game retailer reported its earnings on Friday instead of the initial plan of doing it on Tuesday, according to Bloomberg, and the earnings report wasn’t that great. GameStop’s quarterly sales were almost 30% lower than the previous year, but that didn’t stop the company from filing that it will release millions more shares for sale. Both bits of news didn’t sit well with investors who are selling their GameStop stock and making its price fall so fast that trading was halted. As of 10:17 a.m. ET, it’s lost 20% of its value from the opening bell. This drop came after GameStop shares shot up by approximately 40% once news of his livestream being scheduled started to spread.
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How to Watch the Return of Roaring Kitty
The Roaring Kitty YouTube channel scheduled live stream starting at 12 p.m. ET on Friday, June 7. So far on Thursday, the channel’s subscriber count jumped by more than 100,000 to 827,000 subscribers with many currently in chat waiting for Gill’s return.
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Gill’s activities inspired so much chaos since his return to social media that E*Trade and its parent company Morgan Stanley reportedly considered closing his trading account due to worries about stock manipulation. Still, it looks like Roaring Kitty is coming back in full force and Wall Street will be paying attention.
What Will Roaring Kitty Say?
Well, that is the million-dollar question, especially for Gill whose last Reddit post on Monday showed him having a portfolio stuffed with GameStop stock that, on paper, was worth close to $300 million. His streams typically last three hours but can go more than seven hours and usually consist of him showing his “homework,” which typically means various charts on what firms are betting against the stock, Gamestop’s SEC filings, and other news releases.
Or maybe the whole stream could be just some swerve as we’re still not totally sure that Gill is behind this recent comeback. He may have a legit analysis about GameStop’s stock value or this could all just be about vibes.
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