Roaring Kitty came back to talk game stop. Stocks fell.

By lunchtime on Friday, half a million people watched on a YouTube livestream as a bandana-wearing man in white sunglasses smiled into his webcam and quipped, “I’m going to show it off.”

Oh, stop. He refers to his brokerage account.

Keith Gill, known as Roaring Kitty, who became one of Wall Street’s most unsavory celebrities during the meme stock mania of 2021, was on screen before disappearing from public view — and in his signature style, mixing beer, humor and market commentary.

A quick refresher: Three years ago, the unbridled enthusiasm of GameStop and other companies on social media. Gill made him a rabbi of sorts for the thousands of day traders stuck at home during the pandemic — those who bought lots of stocks and drove those stock prices up to nosebleed levels. These traders use Internet memes and social platforms like Reddit to trade stock tips, creating a new type of investor.

37 year old Mr. Gill, best known for testifying before Congress and inspiring the movie “Dumb Money,” has been out of the spotlight for three years under some regulatory scrutiny. He made a comeback last month A secret chart on X Many took it as a sign of his return to day trading.

That post was followed by more cryptic social media messages and on Reddit Mr. A leaked screenshot shows Gill holding more than $100 million in stock and betting options at GameStop. Its stock immediately soared — “to the moon,” in meme speak. The video game retailer used the opportunity to sell new shares, raising more than $900 million.

See also  Former IRS contractor accused of stealing Trump's tax returns pleads guilty

Thus, on Thursday Mr. Anticipation was high when Gill’s inactive YouTube account featured an announcement that he would be hosting a noon stream the next day. CNBC aired talking heads to speculate what he might say. The Wall Street Journal set up a live blog.

Then the unexpected happened. On Friday morning, GameStop released An earlier-than-expected earnings report revealed disappointing sales and a surprise plan to sell even more shares publicly. Its stock nose-dived.

Afternoon, mr. As Gill’s livestream was expected to begin, GameStop shares fell more than 30 percent. to 12:30 p.m.—after an intro of rock muzak—Mr. Gill’s camera flashed.

Wearing his signature bandana, sitting in front of GameStop’s plummeting stock price, Mr.

“Am I okay?” he said. “That was a close call.”

Mr. Gill immediately launched into his particular brand of humor: “Yo, there’s some crazy heads here,” he said, wowing the 650,000 viewers. He joked that his big-screen actor, Paul Dano, was not. He drank a beer.

A few minutes later, Mr. Gill moved on to discuss GameStop, praising its management team and saying he saw potential for the stock. Apparently not everyone saw it, as the company’s stock continued to languish as he spoke.

“Oh no, I’ll let it go down,” said Mr. Gill said at one point. More than 100,000 fans left the stream.

About half an hour into the program, Mr. Gill made the big reveal. He switched the projection on his screen from GameStop’s stock to what he identified as his personal e-commerce account.

The film showed a holding of around $350 million – a significant amount, it could be more; Friday only, Mr. Gill decreased by $235 million.

See also  Apple: iPhone sales in China slump as Huawei rises, report says

Nothing much to say after that. Known to stream for hours during the pandemic, Mr. Gill, on Friday, left after 48 minutes.

“It’s very depressing because there’s not a lot of content,” said Lorne Bykoff, an investor in New York.

GameStop shares fell 39 percent on the day, to around $28 a share – Mr. Less than when Gil started talking.

Kitty Bennet Research contributed.

Leave a Reply

Your email address will not be published. Required fields are marked *