Proactive Investors - GameStop Corp (NYSE:GME) is starting off another volatile week after a highly-anticipated livestream event from ‘Roaring Kitty’ aka Keith Gill sent shares plummeting on Friday.
The slide continued on Monday, with shares of the original meme stock set to end the trading day around 13.5% lower.
Over 450,000 viewers joined Keith Gill's YouTube livestream at 12pm Eastern Time on Friday, where he began with a cat-themed montage and a disclaimer emphasizing the entertainment and educational nature of his content, not offering investment advice.
Gill appeared against a backdrop of GameStop's declining share price following disappointing quarterly earnings and news of a planned share sale of up to 75 million shares.
“To summarize the livestream in simple terms - if a dumpster fire and a train wreck had a baby it would be this event,” Jay Woods, chief global strategist at Freedom Capital Markets (NASDAQ:FRHC) wrote Monday.
Woods noted Gill's delayed arrival to the livestream left over 500,000 online viewers and tens of thousands watching on financial news networks waiting, coinciding with a continued decline in GameStop's stock price; during the stream, Gill engaged in playful banter and trolling of critics, reiterating his bullish thesis on GameStop based on his belief in a significant turnaround under CEO Ryan Cohen.
“He was careful in his words and reiterated this was not investment advice so he could side-step any market manipulation or regulatory miscues,” Woods said.
“The event was a total joke.”