{"id":9203,"date":"2024-05-13T19:31:57","date_gmt":"2024-05-13T19:31:57","guid":{"rendered":"https:\/\/internationalpulse.net\/?p=9203"},"modified":"2024-05-13T19:31:57","modified_gmt":"2024-05-13T19:31:57","slug":"gamestop-shares-soar-as-roaring-kitty-returns","status":"publish","type":"post","link":"https:\/\/internationalpulse.net\/?p=9203","title":{"rendered":"GameStop shares soar as ‘Roaring Kitty’ returns"},"content":{"rendered":"

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Shares in GameStop, the company at the center of the 2021 ‘meme stock’ phenomenon, are soaring again – Copyright AFP\/File Chris DELMAS<\/small><\/em><\/p>\n

Shares in GameStop, the company at the center of the \u201cmeme stock\u201d craze that throttled Wall Street in early 2021, soared Monday in a move that recalled the earlier speculative frenzy.<\/p>\n

Shares were up more than 63 percent at $28.52 near 1730 GMT. AMC Entertainment, another \u201cmeme stock\u201d from that period, jumped nearly 50 percent.<\/p>\n

The move, which analysts said was not based on business fundamentals, led to losses of some $1 billion from short-sellers who bet on a share price drop, CNBC reported.<\/p>\n

GameStop\u2019s surge followed the sudden reappearance on social media of \u201cRoaring Kitty,\u201d a key figure from 2021 who posted Sunday night on the social platform X for the first time in three years.<\/p>\n

In a subsequent post, \u201cRoaring Kitty\u201d announced the launch of a digital currency.<\/p>\n

The account has been run by investor Keith Gill, a longtime shareholder in GameStop who had argued in a series of posts before the January 2021 surge that the company was undervalued, publicizing his analysis on Reddit.<\/p>\n

Gill\u2019s commentary became widely followed on the platform, helping to spur a buying frenzy that led to punishing losses for some hedge funds that had bet against the company.<\/p>\n

These include Melvin Capital, which endured deep losses in early 2021 when GameStop jumped from $17 to a peak of $483. Melvin shut down in May 2022.<\/p>\n

The trading phenomenon, which took place amid the Covid-19 pandemic, prompted a congressional hearing and the 2023 feature film \u201cDumb Money,\u201d which starred Paul Dano as Gill.<\/p>\n

In the first post on X since Jun 2021, \u201cRoaring Kitty\u201d posted an illustration of a male figure who changes position, suddenly leaning forward in a chair, as if to express alertness.<\/p>\n

The post generated nearly 10,000 comments, 23,000 retweets and 85,000 likes shortly after midday on Monday.<\/p>\n

In subsequent messages Monday, the account posted a series of movie clips and video mash-ups, including a car chase scene and a video of an orange cat waking from a slumber to a Radiohead track.<\/p>\n

One of the posts announced the launch of the $KITTY cryptocurrency on Thursday. The X post included a logo with a bandanna-wearing cat roaring that has gotten nearly 67,000 views.<\/p>\n<\/p><\/div>\n

GameStop shares soar as ‘Roaring Kitty’ returns
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#GameStop #shares #soar #Roaring #Kitty #returns<\/p>\n","protected":false},"excerpt":{"rendered":"

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