GameStop stock surges more than 70% as ‘Roaring Kitty’ resurgence sparks meme-stock frenzy

GameStop stock (GME) experienced a wild ride on Monday, soaring as much as 110% before settling with a 75% gain. The stock’s volatility led to multiple halts throughout the trading day, as investors reacted to a tweet from “Roaring Kitty,” the individual credited with igniting the meme stock frenzy during the pandemic.

“Roaring Kitty,” also known as Keith Gill, made his first online post since 2021 on Sunday, sharing a meme on X (formerly Twitter) that garnered over 81,000 likes and 9,000 comments. Gill rose to prominence on the WallStreetBets subreddit and YouTube for his bullish stance on GameStop.

The surge in GameStop’s stock price comes amid a broader rally in meme-related stocks, with theater chain operator AMC and Trump Media & Technology also seeing significant gains. Short sellers betting against GameStop have faced substantial losses, with GME shorts down over $1 billion in May alone.

Ihor Dusaniwsky, managing director of S3 Partners, warned that short sellers could be in for a “bumpy and bloody ride” in these stocks. However, some analysts see the recent meme stock surge as a sign of healthy risk appetite for investments, rather than a cause for concern.

Overall, GameStop’s dramatic price movements highlight the ongoing influence of retail traders and social media on the stock market, as investors continue to navigate the unpredictable landscape of meme stocks.