NEW YORK (AP) — Meme stocks are shaking Wall Street once again Monday. And, as is so usually the case, it all started online.
A post on Reddit late Sunday indicated that Keith Gill, a central character in the original 2021 meme stock crack, had built a sizeable stake in GameStop. Shares of GameStop were up 35.1% to $31.27 in the early afternoon after jumping above $40 right after the opening of trading. AMC Entertainment, another popular meme stocks, rose nearly 16%.
If it all sounds familiar, it should. It was just three weeks ago that GameStop shares were soaring on excitement about a post on social media by another account tied to Gill. At that time, a Twitter account associated with him made its first posting since June 2021, though the gains fizzled relatively quickly.
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Ever since bands of smaller-pocketed and novice investors began taking stock prices of downtrodden companies to breathtaking heights three years ago, the potential for more flareups has been obvious.
