The return of Keith Gill, also known as “Roaring Kitty,” to the social platform X after three years has once again ignited the meme stock craze that took Wall Street by storm in 2021.
Gill, who famously championed GameStop during its darkest days, posted a meme on Sunday that sent shares of the quirky retailer soaring on Monday. The image of a man sitting forward in his chair signaled to investors that things were about to get serious once again.
GameStop, a struggling video game retailer, was on the brink of bankruptcy in 2021 before Gill and a group of retail investors banded together to drive up its stock price, causing a short squeeze that cost big hedge funds billions.
Now, with Gill’s return to the spotlight, GameStop shares have more than doubled, sparking a resurgence in other meme stocks like AMC Entertainment Holdings Inc. and Koss Corp.
The market dynamics have shifted since the meme craze of 2021, with short positions against GameStop at a much lower level than before. Gill, who profited handsomely from his investment in GameStop, denied using social media to manipulate the stock price during a Congressional hearing last year.
The story of Roaring Kitty and the meme stock craze has captivated investors and the public alike, with a movie called “Dumb Money” based on the events of 2021. As Gill once famously said, “I like the stock,” and it seems that sentiment still holds true today.