GameStop gains nearly 50% ahead of 'Roaring Kitty' livestream
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The news: Shares in GameStop soared nearly 50% on the Nasdaq after online stock influencer Keith Gill, known as "Roaring Kitty", said he would host a livestream, Reuters reported.
The numbers: GameStop shares closed 47% higher at USD46.46 ($69.67), and added a further 31% to reach USD61.01 by the end of after-hours trading.
On Monday, shares in the US gaming retailer surged as much as 75% after Gill posted on Reddit revealing a USD116 million stake in the company.
The unverified post was the first from Roaring Kitty’s Reddit account since it fuelled gains in GameStop shares of over 2,000% in early 2021.
The post showed Gill holding 5 million shares purchased at about USD21.27 each, along with USD65.7 million in call options expiring on 21 June at a strike price of USD20.
The context: The latest surge in the video game seller's shares follows a period of volatile trading in the Nasdaq stock, which reignited last month after Gill returned to X after a three-year absence.
Gill is a former marketer for Massachusetts Mutual Life Insurance, and gained notoriety for engineering the 2021 retail trading campaign that pit day traders against institutional investors in a dramatic short squeeze.
The source: Reuters
