Since the introduction of digital games, all major retailers have struggled to survive with fewer sales of physical games. But there is a particular part of the stock market that is trying to save GameStop from losing more value. Roaring Kitty, a well-known user in this community, successfully boosted GameStop’s stock share in 2021.
Three years later, he has risen once more, propelling the company’s shares to a 74% increase. This phenomenon is called meme stock, and other companies have also gone up with this trend.
Roaring Kitty Saves GameStop Again
The once-giant retailer has been going through a rough patch for a couple of years now. GameStop has closed down several stores to avoid more losses. However, in recent years, they have proven to be more profitable with certain business moves, but the market value has not increased until now. This company’s value has risen thanks to a very popular stock market insider and the meme stock movement.
Roaring Kitty is very popular among the stock market community, especially on X. He alone was the precursor of the meme stock movement that began with GameStop in 2021, because this user didn’t want the company to go bankrupt.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
In 2021, the share value will rise from $20 to $400. The user known as Keith Gill (Roaring Kitty) recently replicated this by posting a meme of a person focusing on a more serious gaming pose.
The Meme Stock Is Happening Again
While GameStop experienced a $74 increase on Monday, Gill’s movement continued with a 78% increase in AMC shares; other smaller increases came from companies such as BlackBerry. Gill is widely regarded as a champion for smaller companies, often causing financial losses for larger corporations through his actions. This insider has more than 1.2 million followers on X, making him really popular among stock market specialists.
The meme stock has been resurging this month for no reason. The retail video game retail company reported its first profit since 2018. Gill had trouble in the past with this kind of action that seemed to be trying to manipulate the stock market or shares, but he said that he really loved the market and that it was only for investing and sharing his knowledge. Fans of Gill are making the same moves as him.
In a recent interview with FandomWire, the former co-funder and President of GameStop, Gary Kusin, talked about how the company tried to adapt to the current market as well as they could. He also mentioned so many insights in the industry that certain acquisitions almost always happen. This was part of a deep interview where Kusin answered many questions about his experience with this always-changing business.
What are your thoughts about meme stock? Let us know in the comments!
