Posted on 05/13/2024 3:10:44 PM PDT by JSM_Liberty
The surprise social media return of the trader who helped ignite the meme stock frenzy in 2021 sent GameStop shares skyrocketing Monday. The surge had nothing to do with the troubled company’s fundamentals — and everything to do with a cartoon of a gamer that the trader, nicknamed Roaring Kitty, shared on X.
GameStop shares surged 74% on Monday after the account run by Keith Gill shared a meme on X, marking its first post in three years. The shares skyrocketed by more than 110% earlier and were halted for volatility several times on Monday morning.
Short sellers have seen $1 billion in mark-to-market losses betting against GameStop on Monday, according to data company S3 Partners. Short-sellers aim to turn profits on a stock by borrowing shares, selling them and returning them after purchasing them at a lower price. Shares of AMC Entertainment, another meme stock, popped 78%. Reddit shares climbed roughly 9%. Shares of trading platform Robinhood Markets, which suspended purchases of GameStop, AMC and other meme stocks during the frenzy in 2021, rose 4%.
The image Gill posted depicts a man leaning forward in a chair with a video game console in hand. GameStop had posted the same cartoon in February, but with a blue arrow and chair. In Gill’s cartoon, they are red. The meme is interpreted to convey, “when things get serious,” according to Know Your Meme.
Gill did not immediately respond to CNN’s request for comment.
GameStop shares tripped multiple circuit breakers — a temporary and mandated halt in trading to let investors cool off for a bit. Robinhood denied claims on social media on Monday that it had once again halted GameStop stock purchases on its platform.
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(Excerpt) Read more at cnn.com ...
If you really are gambler - and NOT a stock booster - you are having a very good morning.
GME is up 49% in After Hours trading.
$45.60 at 2:55 AM PST - 14 May 2024
GME closed at $30.45 on 13 May 2024.
OMG no.
Prev close 30.45
52W high 64.83
Open 64.83
High 64.83
Low 36.00
52W low 9.95
Volume 12.7M
P/E ratio 2,074.09
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