Anindita Chatterjee
Updated on: October 7, 2024 8:38 pm GMT
GameStop Stock Jumps After Roaring Kitty Tweet
Shares of GameStop (GME) surged by 4.3% to reach $23.33 following a tweet from finance influencer Keith Gill, famously known as “Roaring Kitty.” The tweet featured a playful image derived from Pixar’s “Toy Story 2,” implying that Gill might be parting ways with pet supplies retailer Chewy (CHWY).
Gill’s unexpected return to social media after a two-month hiatus has sparked significant interest among his followers and the broader market. His tweet depicted a toy being dropped, reminiscent of a pivotal scene in the movie where the protagonist, Andy, declares he no longer wishes to play with a beloved toy. This has led many to infer that Gill might be selling his stakes in Chewy, which he invested in earlier this summer. After the tweet, Chewy’s stock saw an immediate drop of 3.7%, although it later rebounded to near its previous levels.
In contrast, GameStop’s stock reacted positively, jumping by 8.2% within just 11 minutes following the tweet. Gill’s influence on the market has been well-documented, especially during the infamous GameStop short squeeze of 2021, which resulted in significant losses for hedge funds betting against the retail company. His return to social media and the ensuing interest in his activities and sentiments regarding GME suggests a continued strong following among retail investors.
As of the latest updates, GameStop has posted gains of over 33% for the year, indicating a reinvigoration of interest in the stock. Gill’s social media presence, particularly on platforms like X (formerly Twitter), plays a crucial role in shaping investor sentiment and market trends, especially in the realm of meme stocks.
Conclusion
Social media is changing how people trade stocks. For example, GameStop and Chewy’s stock prices went up and down after a recent tweet from Roaring Kitty. Investors are paying close attention to what Gill says and does, showing how much power social media stars have in the stock market.
