GameStop shares surged Monday after 'Roaring Kitty' Keith Gill returned to Reddit with a post showing a US$116 million bet on the embattled videogame retailer.
Markets were little changed on Monday, as investors hit pause on a Wall Street winning streak as they wait on key inflation data in the days ahead.
It was the first post in three years from Gill’s Reddit account, where screenshots of his bullish GameStop trades triggered a rush of demand in 2021 for “meme stocks” – often companies with weak fundamentals that gained a cult-like following through social media hype. “Keith Gill is putting his money where his tweets are, and some investors are clearly following his lead and rekindling interest in meme stocks,” said Ben Laidler, global markets strategist at digital brokerage eToro.
GameStop was trending no. 1 on investor-focused social media platform stocktwits.com, indicating increased chatter among individual traders. Fellow meme stock AMC added 26 per cent, while Tupperware, SunPower Corp and U.S.-listed shares of BlackBerry rose between six per cent and 13 per cent.Monday’s surge also put GameStop short sellers on track to rack up nearly US$1 billion in paper losses, according to data and analytics firm Ortex Technologies.
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