GameStop Crashes 15% Amid Roaring Kitty's Jokes About Losses
Influencer's humor fails to stop GameStop's dramatic plunge
In a twist of irony, meme stock influencer Keith Gill, known as Roaring Kitty, joked about his massive GameStop losses as the stock took a nosedive. Posting a meme on Twitter, Gill humorously reflected on his dwindling position.
GameStop shares plummeted 15% on Monday, settling at around $24, a stark drop from their $64.75 peak just a week ago. The dramatic decline follows a brief surge when Gill, who also goes by DeepFuckingValue, made a return to online streaming.
Gill maintained a positive demeanor during a livestream to over 700,000 viewers, despite his holdings reportedly losing $235 million on paper that day. “It is what it is. What am I going to do?” he remarked, as fans watched him discuss his GameStop investment.
Previously, Gill's Reddit posts showed a hefty mix of GameStop shares and call options worth $586 million. As of his latest update, his gains stood at $382 million, still significant but a sharp decline from earlier highs.
Finance Twitter was abuzz with speculation that Gill was on the verge of becoming a billionaire, should GameStop’s stock hold above $65. This excitement contributed to a brief rally, but the momentum quickly faded. By the time Gill began his livestream, the stock had already slipped over 30%.
Gill rose to fame during the 2021 retail trading frenzy, which saw small investors challenge Wall Street short sellers by heavily investing in GameStop. His return to social media last month rekindled interest in the stock, leading to a 38% increase since mid-May, despite recent losses.
As of June 10, 2024, GameStop shares have dropped 8% over the past five trading days, closing at $26.19. Gill's Twitter remains active, with recent posts including a humorous image from "The Dark Knight" with a cat mask.
Despite the setbacks, Gill continues to engage his audience with a mix of humor and investment insights, embodying the resilient spirit of the retail investor movement.