(Bloomberg) — Keith Gill, whose online moniker Roaring Kitty has caused shares of GameStop Corp. to soar. have soared over the past week, sparking another rally in the video game store after a YouTube post said it would return to the platform for the first time on Friday in three years.
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GameStop shares rose as much as 41% to $44.41 as of 1:45 p.m. in New York, prompting a halt in volatility. The stock is up nearly 60% in two days and has more than doubled since Gill tweeted a cryptic meme on May 12.
While Gill’s YouTube post contained no information about what the investor planned to discuss or reveal, his expected return led to further speculation that Gill is bullish on GameStop. The post says his livestream will begin at noon New York time.
The details of the planned stream also include a disclaimer that does not appear in his previous live streams. The disclaimer, which says it will play at the beginning of the stream, was layered with legal language about the video being opinion-based and included a warning that past performance is not indicative of future results.
“This YouTube channel has no obligation to update or correct the information contained in these videos,” the disclaimer reads. “Statements and opinions are subject to change without notice. No compensation will be received by this YouTube channel for the opinions expressed.”
Within minutes of the message going out, more than 10,000 YouTube users expressed their interest in being notified when the stream begins. The video’s live chat contained hundreds of comments.
In the wake of the update, the company’s ticker trended on popular chatroom StockTwits and on Reddit’s WallStreetBets forum.
Earlier this week, Gill, who became an icon for cooped-up retail traders at the height of the pandemic, shared a screenshot showing he owned a $116 million position in GameStop. A position that large would make Gill one of the company’s top five investors and is more than six times the number of shares it held in an April 2021 post, the last time it was active on Reddit , when he was good for a share of four dollars. one stock split.
Gill, who is known by his X and YouTube account Roaring Kitty and DeepF-ingValue account at Reddit Inc., has profited handsomely in 2020 and 2021 from investing in the beleaguered video game retailer.
His social media activity, starting with a May 12 post featuring an image of a video gamer leaning in, fueled expectations that he would soon return to the market and caused the shares to more than triple within days. The Reddit post less than a month later sent shares even higher, with Gill also posting an image of an upside-down card from the game UNO, which indicates a player changing the direction of picking up the card.
The stock’s response to Gill’s social media accounts has sparked debate over whether he violated any securities regulations. Brokerage E*Trade is considering kicking Gill off its platform over concerns about possible stock manipulation tied to his recent purchase of GameStop options, the Wall Street Journal reported.
–With help from Bre Bradham.
(Updates stock movement, adds details throughout)
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