After a livestream set for Friday at noon ET was posted on a YouTube channel purportedly associated with investor Keith Gill, popularly known as “Roaring Kitty” on social media, GameStop stock (GME) surged higher. The video game retailer’s stock increased 33% in pre-market trading on Friday following a 47% increase on Thursday.
Following Thursday’s market close, DeepF***ingValue, a Reddit user once associated with Gill, shared a new picture allegedly depicting their portfolio rising to $586 million, which included stakes in unexercised options and GameStop shares.The same user disclosed earlier this week that they had spent $175 million for a stake in GameStop that was worth closer to $210 million at the time. Following that disclosure, shares also rose sharply.
The livestream on Friday will mark Gill’s first live appearance on the channel since her optimistic videos and posts about the video game store helped spark the meme stock rally in 2021.
“The sole goals of the Roaring Kitty channel and live feeds are enjoyment and education. The description of the YouTube account stated, “I don’t offer stock recommendations or personal investment advice during the stream.”
There are more than 730,000 subscribers to the channel. Over the past month, GameStop shares have fluctuated as Gill reappeared on social media.
After the user went viral over the weekend, the Wall Street Journal revealed late on Monday that management at Morgan Stanley’s E-Trade platform were thinking about closing an account associated with the screenshot. The following day, GameStop’s stock dropped by about 5%.
“Is the person in charge of this account acting in your best interest or theirs?
And, frankly, you should consider that one because, in my opinion, it’s very clear whose interest it is in,” Interactive Brokers chief strategist Steve Sosnick said earlier this week in a Yahoo Finance interview. “If you’re chasing the stock up here, you’re more likely than not the source of liquidity for whoever is controlling this account to sell into your enthusiasm.”
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