General GameStop stock soars over 70% as 'Roaring Kitty' revival reignites meme-stock bonanza

[The Helper]

GameStop stock (GME) soared as much as 110% Monday before paring gains, and it was halted for volatility numerous times after "Roaring Kitty," the person who is seen as the kick-starter of the meme stock frenzy during the pandemic, posted online for the first time since 2021.

The stock crossed above $30 per share on Monday to close up 75%. Shares had been on an upward trend, rising about 60% over the past two weeks.

"Roaring Kitty," who was identified that year as Keith Gill, became a prominent figure on the WallStreetBets subreddit and YouTube for his bullish stance on GameStop (GME).

Sunday's post on X, formerly known as Twitter, included a meme of a video gamer leaning forward, appearing to take the game seriously. The post received more than 81,000 likes and 9,000 comments. The last time Roaring Kitty posted on X was in June 2021.

GameStop stock soars over 70% as 'Roaring Kitty' revival reignites meme-stock bonanza

GameStop stock surged as much as 110% after 'Roaring Kitty,' who was credited with starting the 2021 meme stock frenzy, posted on X for the first time in three years.

finance.yahoo.com

 

[tom_mai78101]

The meme stock rally triggered by the return of “Roaring Kitty” to social media has cost GameStop stock short-sellers more than $2 billion in just two days, according to data firm S3 Partners.

Ihor Dusaniwsky, S3's managing director of predictive analytics, wrote on X: “After being down $862 million in mark-to-market losses yesterday, $GME [GameStop] shorts are down another $1.36 billion in mark-to-market losses today.”

GameStop stock was up 21% Tuesday afternoon as trading was halted, after multiple pauses in trading on Monday, when the stock closed up 74%.

Short-selling is an investment strategy in which a trader borrows shares and sells them, with the intent of buying them back later at a lower price, returning the borrowed shares (plus interest) to the lender, and profiting off the difference.

Dusaniwsky added that GameStop’s short interest is $1.92 billion, and that 63.2 million shares have been shorted.

GameStop Short Sellers Just Lost $2 Billion Amid Meme Stock Rally

And AMC short-sellers have also lost hundreds of millions of dollars

gizmodo.com