Twitter: Roaring Kitty wakes up GameStop (GME) stocks (2024)

Roaring Kitty, the man who led the ‘meme stock mania’ of 2021, is back after 3 years with a post on X (formerly Twitter). On the same day, GameStop’s shares increased by over 74.4%, shaking the market.

Roaring Kitty: his return on Twitter after 3 years makes GameStop shares soar by +70%

Back on everyone’s lips, it’s the great return of Roaring Kitty, the man of the ‘meme stock mania of 2021’, who with a new post on X (formerly Twitter), has once again shaken the market.

First of all, GameStop’s shares recorded an increase of +74.4% after a surge of 110%.

His first post is an image on X of a video gamer leaning forward on the chair, as if to indicate that he is taking the game seriously. The tweet marked Roaring Kitty’s first post on the platform, but also on Reddit, since 2021. The post has gathered 63,000 likes in 13 hours.

Below I tweet, they are all preview videos of some popular movies, up to the most recent one, where Roaring Kitty blatantly asked the audience if they got his attention.

Roaring Kitty, whose legal name is Keith Gill, is a former marketer at Massachusetts Mutual Life Insurance. Also known as DeepF——Value on Reddit, Gill has attracted an army of day traders who have encouraged each other and invested in the brick-and-mortar video game retailer’s stock and call options of GameStop between 2020 and 2021.

Roaring Kitty: the return on Twitter of the man behind the meme stock mania of 2021 and GameStop’s actions

The new post by Roaring Kitty claims his return, shaking up the market and investors.

Not only that, on X there are several videos that even recall Gill’s testimony in 2021, in the face of a class action lawsuit against him. Here, in the video below, Roaring Kitty pretended to be a novice trader despite being a licensed professional.

“GameStop’s shares explode as ‘Roaring Kitty’ returns on X in his first post since June 18, 2021. Short sellers have suffered a mark-to-market loss of ~1 billion dollars, while today GME is up over 70%. (CNBC). ‘Roaring Kitty’ went viral in 2021 for sparking the ‘meme stock frenzy’ by waging war against institutional investors betting against GameStop. Last night he posted a photo on X with a man leaning forward in his gaming chair, bringing attention back to the meme stock. The video below shows Roaring Kitty’s testimony on GameStop in 2021.”

Not only that, also a Robinhood user had filed a class action lawsuit in 2021 against Roaring Kitty, after the decision of the application to limit GameStop trading on its platform.

According to the market research platform Quiver Quantitative, on Monday GameStop was the most discussed stock on WallStreetBets on Reddit, with over 600 mentions in the last 24 hours, surpassing the popular chipmaker Nvidia.

Are meme stocks back? The case described by Georgetown University

The case of GameStop and its stocks that, in 2021 had turned finance into a meme, had become a case study at Georgetown University.

Specifically, GameStop had shocked the world of stock markets, as a company in deep crisis, unable to react to technological innovation, saw its investors turn it into a “meme stock”.

Basically, on one side some hedge funds were ready to short sell GME stocks, a group of retail investors who had noticed this intention, found themselves on a Reddit forum, WallStreetBets, discussing and making mass decisions.

And indeed, it was precisely in mass that retail investors bought GameStop shares, triggering the short squeeze. Consequently, the price grew disproportionately and hedge funds accumulated losses of billions of dollars in just a few hours, as they were selling shares that were increasing in value.

Georgetown University has defined this game on GameStop’s actions as a “gigantic joke”, a meme that makes the web laugh, a behavior imitated by big investors.

The problem is that big investors were the ones ending up under the meme stock’s attack.