GameStop Dumps 15% as Roaring Kitty Jokes About His Plunging Position – Decrypt

GameStop Dumps 15% as Roaring Kitty Jokes About His Plunging Position – Decrypt

The meme stock influencer Keith Gill, better known as Roaring Kitty or DeepFuckingValue, took an online jab at himself on Monday over the plummeting value of his GameStop holdings.

“You were a billionaire,” a meme image he posted to Twitter (aka X) read, showing an illustration of a man pointing intently at himself in the reflection of a mirror.

Meanwhile, GameStop shares have fallen 15% on the trading day to about $24, showing a 63% decrease relative to their peak price of $64.75 last week. Previously, amid Gill’s online return, shares in the video game retailer had spiked as high as $64.83 around mid-May.

Gill’s overall attitude was upbeat Friday as the influencer sipped beer and livestreamed to over 700,000 viewers on YouTube for the first time in years. That was despite a steep drop in GameStop’s share price, which at the time had netted the influencer $235 million in daily losses on paper for the purported holdings he showed on-screen.

“It is what it is. What am I going to do?” he said before the online crowd that had gathered to watch him riff on GameStop and witness his disclaimer-laden investment thesis.

Previously posting screenshots of his E*Trade account on Reddit, Gill at one point held a mix of GameStop shares and call options worth $586 million. As of his latest “YOLO update,” the influencer was pushing paper gains of $382 million last week.

Several prominent Twitter accounts in the finance space speculated that Gill was on target to becoming a billionaire as GameStop recently soared, including Unusual Whales. That was if the stock’s price could hold above the $65 mark before Gill’s stream, the account stated last Thursday.

The announcement of Gill’s livestream sparked a sharp increase in GameStop’s stock price, but the rally was short-lived. By the time Gill appeared on his livestream Friday, the stock’s price had slipped over 30% from its previous closing price.

Gill became the de facto face of a retail-led movement to bet big on Wall Street short sellers through GameStop in 2021. And it wasn’t until the influencer started posting again on Twitter last month that interest in the video game retailer’s shares was broadly reignited.

As of this writing, GameStop shares have fallen 8% over the past five trading days from $26.19. Still, the stock’s value has increased 38% compared to around when Gill started posting online again in mid-May.

While Gill’s Reddit account remains untouched since showing gains last week, the influencer’s Twitter activity has continued apace. Posting an image of a green Uno card a week prior, Gill shared a screenshot from the opening of the Batman movie “The Dark Knight” late Sunday—but with a cat mask swapped in.

Edited by Andrew Hayward

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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