Reported 6 months ago
GameStop's stock dropped by almost 40% as influential stock figure Keith Gill, also known as 'Roaring Kitty,' did not generate enough enthusiasm among investors during his livestream after GameStop announced a share sale to potentially raise $3 billion. Despite reaching over 600,000 viewers, Gill's warnings about risk and aggressive investing style did not prevent the stock from falling, with volatile trading in GameStop and other meme stocks following his return to social media. Gill expressed confidence in GameStop's CEO Ryan Cohen during the livestream, while GameStop reported quarterly results ahead of schedule. The company's decision to sell up to 75 million shares was met with uncertainty, with the U.S. SEC declining to comment on the share sale review, as Gill's previous support had led GameStop's shares to spike significantly in 2021 before plummeting.
Source: YAHOO