Markets
GameStop Falls 40% as Trading Icon Roaring Kitty Returns Live
Retail legend Keith Gill, also known as Roaring Kitty or DeepF*ckingValue on social media, is back to his liveteam for the first time in several years on Friday.
Ahead of the live stream, GameStop (GME) shares fell 25% in Friday morning trading after the company hastily released a first-quarter earnings report and an offering of 75 million shares following the stock’s sharp rise this week.
Stocks continued to fall during Gill’s appearance as he attempted to present his long-term bull case on GameStop. They are currently down 40% for the day.
The Solana-based GME meme token, which was inspired by the company but has no affiliation with it, nearly doubled in price in less than a day before paring gains sharply on Friday. At press time, it was down 50% in the previous hours, but was still more than three times higher this week.
Gil returned to social networks last month, after three years of silence, sparking a speculative frenzy for GameStop that spread to the memecoin market with the launch of several 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.