The so-called “meme stock” GameStop saw a significant decline as financial influencer “Roaring Kitty” hosted his first live stream in three years, marking his return since the last meme stock phenomenon. Keith Gill, known for his X and YouTube accounts, as well as his Reddit presence under the username “Deep——-Value,” has a large following among investors.
Gill is attributed with kickstarting the meme stock frenzy in 2021. His comeback livestream on Friday garnered a massive audience of half a million viewers.
Gill’s endorsement of stocks has previously led to significant market movements. The legality of his actions remains a topic of discussion among economists and financial experts.
GameStop closed on Wall Street Friday with a nearly 40% drop, trading at over $28 per share—a decrease of $18 for the day.
The incident underscored the influence that one individual can wield on the stock market through their online presence in front of a social media audience.
ELON MUSK, TWITTER AND TESLA STOCK
Last year, Affan Bin Hasan, a data sciences student at Cardiff University in the UK, published research findings on the impact of billionaire Elon Musk’s Twitter posts on Tesla’s stock price. Hasan’s study revealed a direct correlation between Musk’s tweets and Tesla’s stock performance.
Musk settled with securities regulators and a class-action lawsuit for $40 million after allegations of misleading investors with a 2018 tweet about taking Tesla private, despite no such deal materializing.
KEITH GILL’S INFLUENCE
At 37 years old, Gill has testified before Congress regarding his impact. In 2021, he was one of the key figures at the center of the GameStop saga who faced questioning on short-selling from the House Financial Services Committee.
He served as the inspiration for the film “Dumb Money.” Recently, he made a comeback to the financial social media stage with a post on X—formerly known as Twitter—signaling his return to day trading.
