Proactive Investors - The man who sparked the meme stock rally with his bullish comments in support of stocks like GameStop Corp (NYSE:GME), Keith Gill (known online as "Roaring Kitty"), has returned to livestreaming.
More than 450,000 people tuned in to Gill’s Youtube channel at 12pm Eastern Time on Friday for this first livestream since 2021.
The livestream kicked off with a montage of various cats and kittens playing followed by a lengthy disclaimer highlighting that Gill’s channel and live streams are for “educational and entertainment purposes only” and are not investment advice.
Gill appeared before a screen showing GameStop’s share price behind him, which was down more than 30% in the early afternoon on Friday at about $31 after the video game retailer’s quarterly earnings disappointed and it said it plans to sell up to 75 million shares.
“I figured I’d pop in here and say what’s up everybody! It’s been a few years, I hope y’all are doing good,” Gill said.
Gill joked that it was him on the stream, not actor Paul Dano who played Gill in a film depicting the events of the meme stock craze called Dumb Money.
He confirmed that screenshots shared on Reddit (NYSE:RDDT) showing an unrealized gain of $382 million from his investments in GameStop are in fact his holdings.
He doubled down on his bullish view on the stock.
“GameStop finds itself in a very unique situation just like it did last time, not just in the gaming space but we have a company that so many people are rooting for it to work out. How often does that happen?” he said.
He is also optimistic GameStop CEO Ryan Cohen, who took over the top job in September 2023, can transform the company.
“Ryan Cohen and his crew are what folks should be focused on,” he said.
“That’s probably going to be an ongoing debate as to how people feel about him, whether he can successfully transform that business. Those are good discussions that need to be had. I believe this guy might be able to do it.”
He highlighted that these types of opportunities are highly speculative and risky.
“That’s the trade-off with big potential opportunities, you could lose it all,” he said. “My aggressive style of investing is almost certainly not suitable for y’all.”
Trading of GameStop shares fell another 10% or so over the course of Gill's 50-minute livestream. Trading was halted multiple times.
By the time the stream concluded, shares of GameStop traded down more than 40% at about $28 per share, meaning it is on track to see its biggest one-day loss since February 4, 2021, when shares fell 42%.