After announcing his return to YouTube, Keith Gill, also known as Roaring Kitty, became a paper billionaire as GameStop stock spiked over 30%, only to plummet back down as the company announced it was selling 75 million shares at-market. This move is seen as an attempt by GameStop executives to limit Gill's influence and stunts, as he continues to hold 5 million shares and 120,000 call options. The company also disappointed investors with its first-quarter earnings, posting a loss per share of $-0.12 and missing revenue projections by $114 million.
The stock price for GameStop saw a massive spike of over 70%, thanks to the return of individual investor and social media icon, Roaring Kitty. The surge, reminiscent of the events in 2021, was caused by a single post by Kitty on social media, which mobilized the meme stock army. The return of Kitty has brought a sense of unpredictability to the market and has sent hedge funds scrambling. Despite posting lower-than-expected fourth-quarter earnings, GameStop shares are still up more than 60% for the year.
The stock market was sent into a frenzy as GameStop shares increased nearly 70 percent, reaching a high of $36 per share. This surge was initiated by social media influencer Keith "Roaring Kitty" Gill, who returned to the platform after being silent for three years. Despite the spotlight on Gill and his employer MassMutual, there have been no legal consequences for their involvement in the meme stock craze. This resurgence of GameStop shares has reignited concerns about social media's influence on the stock market and the potential consequences for companies like GameStop and AMC.