Reported 11 months ago
After three years, meme guru Keith Gill's first live show fell flat due to lack of new content and GameStop's poor profits, causing the stock price to plummet by nearly 40% on June 7. Despite attracting over 600,000 viewers in the 50-minute live show, Gill's failure to disclose valuable information resulted in GME stock struggling and closing at $28.22 per share. The rise of meme stocks like GME and the emergence of 'degen' retail investors who prioritize thrill-seeking over fundamentals has been fueled by social media platforms like Reddit and X, with mentions of 'degens' increasing significantly. These investors, led by Gill, have turned to risky investments for quick returns, with the popularity of meme stocks growing during the pandemic as platforms like Robinhood attracted young people to try trading. Gill's influence has once again drawn in 'degen' investors, with the average daily options trading volume hitting a new high.
Source: YAHOO