Markets
GameStop Drops 40% as Business Icon Roaring Kitty Returns to Live Streaming
Retail trading legend Keith Gill, also known as Roaring Kitty or nickname DeepF*ckingValue on social media, has returned to your team live for the first time in several years on Friday.
Ahead of the live broadcast, GameStop (GME) shares fell 25% in the early hours of Friday’s session after the company released a first-quarter earnings report and an offering of 75 million shares following the big rise in shares this week.
Shares continued to fall during Gill’s appearance as he tried to lay out his long-term case for GameStop. They are currently 40% lower on the day.
The Solana-based meme token GME, which was inspired by the company but has no affiliation with it, nearly doubled in price in less than a day before sharply paring gains on Friday. To date, it is down 50% from the previous hours, although it is still up more than threefold this week.
Gill returned to social media last month, after three years of silence, triggering a speculative frenzy for GameStop that spread to the memecoin market with the launch of several opportunistic tokens on the Solana blockchain.
Thursday, Gill revealed in a Reddit post that his stock and options position was worth $586 million at the time.