'Meme-Stock Folk Hero' Is Rattling Markets Again

GameStop is up nearly 90% in premarket trading on speculation Keith Gill took a huge position
By John Johnson,  Newser Staff
Posted Jun 3, 2024 8:21 AM CDT
'Meme-Stock Folk Hero' Is Rattling Markets Again
In this image from video provided by the House Financial Services Committee, Keith Gill, a GameStop investor, aka Roaring Kitty, testifies during a virtual hearing on Feb. 18, 2021.   (House Financial Services Committee via AP, File)

A man described as a "meme-stock folk hero" by the Wall Street Journal appears to be jolting the markets in a big way again. Shares of meme stock GameStop were soaring before the open of Monday's market on speculation that Keith Gill—aka "Roaring Kitty" on social media platforms—had just scooped up roughly $116 million worth of shares, reports CNBC. He also appeared to have made a large options bet, all of which had GameStop shares up almost 90% in premarket trading, per the AP.

Accounts linked to Gill—including "DeepF---ingValue" on Reddit—were busy over the weekend showing his big, if unconfirmed, moves. The frenzy has spilled over into other popular meme stocks, with theater chain AMC up 26%, headphone maker Koss up 14%, and once-dominant smartphone maker BlackBerry up 4%. Gill's accounts largely had been silent for three years (back when he helped spark the pandemic craze in meme stocks), but they reawakened last month and have fueled a resurgence in such stocks.

One cryptic tweet on Sunday showed a card from the game Uno used to reverse the direction of the game. Gill is a former marketer for Massachusetts Mutual Life Insurance, per CNBC. His legend grew when he all but saved gaming store GameStop from going under in 2021, a time when major players on Wall Street were betting the brick-and-mortar business was sunk in the transition to digital downloads. (Back in 2021, it was a roller coaster ride for those who bought GameStop shares.)

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