How much money has ‘Roaring Kitty’ made with GameStop?
GameStop stock plunged almost 40% as the live stream of stock influencer ‘Roaring Kitty’ failed to rally investors to the shopping mall retailer’s cause.
Investing influencer Keith “Roaring Kitty” McGill held his first live stream since 2021, but the event was unable to stop GameStop’s stock from plummeting almost 40% after it announced plans to sell shares to raise $3 billion in capital.
More than 600,000 viewers tuned in to the livestream, where Gill warned that his “aggressive style of investing” was “not suitable for you all.” He expressed his continued confidence in GameStop CEO Ryan Cohen by saying “I believe this guy.”
GameStop stock ended at $28.22 after trading in it was stopped before and during the much-awaited live stream.
Roaring Kitty played a fundamental role in GameStop’s incredible rally in 2021, when he encouraged Reddit users to buy the company’s stock, lifting its value from under a dollar to $81.25 in a little over three months.
GameStop has been facing financial challenges due to the increasing shift towards digital game downloads and competition from online retailers.
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How much money has ‘Roaring Kitty’ made with GameStop?
Gill’s endorsement of the video game company helped its shares soar by as much as 1,600% before they came tumbling down. He claimed that the retailer was undervalued and that it was performing better than believed in the face of the rise of online gaming. Gill was backed by others who believed in his efforts to stand up to Wall Street and permit small investors to get their share of what they saw as a rigged game.
His participation in the remarkable performance of GameStop in the stock market caused him to be scrutinized by congressional and regulatory bodies. The GameStop saga was eventually made into a movie starring Pete Davidson.
Roaring Kitty lay low after the investigation and disappeared from YouTube, but he did so as a very wealthy man. At one point, his GameStop investment had reached $48 million in value.