The stock of GameStop (GME) saw a significant jump on Monday as the trader known as “Roaring Kitty” once again drove the meme craze surrounding the company. Keith Gill, the individual behind the moniker, has been a central figure in the saga of GameStop’s wild stock movements and has become somewhat of a celebrity among retail investors.
Gill first gained attention earlier this year when he posted about his bullish thesis on GameStop on the Reddit forum WallStreetBets. His posts, along with those of other retail traders, sparked a massive short squeeze that sent GameStop’s stock price soaring to unprecedented levels. The frenzy surrounding GameStop quickly became a cultural phenomenon, with Gill at the center of it all.
On Monday, Gill posted a video on his YouTube channel discussing his continued belief in GameStop’s potential and encouraging fellow investors to hold onto their shares. The video helped fuel a surge in GameStop’s stock price, which jumped more than 20% during the trading day.
Gill’s influence on GameStop’s stock price has not gone unnoticed by regulators. Earlier this year, he testified before the U.S. House Financial Services Committee, where he defended his investment in GameStop and his right to post about it online. Despite facing scrutiny from some quarters, Gill remains a popular figure among retail investors who see him as a champion of the little guy in the world of investing.
The GameStop saga has highlighted the power of social media and online forums in shaping the financial markets. Retail investors like Gill have shown that they can have a significant impact on stock prices, challenging the traditional dominance of institutional investors and hedge funds.
As GameStop’s stock continues to see volatile swings, all eyes will be on “Roaring Kitty” and the retail traders who have rallied around him. Whether their influence will continue to drive GameStop’s stock price remains to be seen, but one thing is certain: the meme craze surrounding the company shows no signs of slowing down.