Shares in the video game retailer more than doubled at one point after a prominent meme stock investor made his first online posting in about three years.
Keith Gill, known as"Roaring Kitty" online, testifies during a virtual hearing on GameStop before the House Financial Services Committee on Feb. 18, 2021. On Monday, Gill made his first online posting on X in about three years, sending shares of GameStop sharply higher.Keith Gill, known as"Roaring Kitty" online, testifies during a virtual hearing on GameStop before the House Financial Services Committee on Feb. 18, 2021.
Trading in GameStop shares was halted several times, showcasing just how frantic activity around the stock got. Shares were up over 60% as of early afternoon.For many investors it was a reminder of the meme stock mania that gripped markets in 2021, when the pandemic left many people around the world confined at home.
Gill became a day trader after previously working for the Massachusetts Mutual Life Insurance Co, or MassMutual. During the pandemic, he and other amateur investors banded together in Reddit groups like wallstreetbets to buy stocks of companies such as GameStop, AMC and retailer Bed Bath & Beyond to the bafflement of professional investors in Wall Street.
Prof. James Angel, a finance professor at Georgetown University warned about the risks of meme stocks for amateur investors, calling them"a form of entertainment."
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