The so-called “meme stock” GameStop took a hit as financial influencer “Roaring Kitty” hosted his first live stream in three years since the last meme stock frenzy. Keith Gill, who manages X and YouTube accounts, has a following among investors and also shares opinions on Reddit under the username “Deep——-Value.”
Gill is recognized for initiating the meme stock craze in 2021. His live stream comeback on Friday attracted a massive audience of half a million viewers.
Gill’s endorsement of certain stocks has often led to significant increases in their value. The legality of his actions remains uncertain according to discussions with economists and financial advisers by Scripps News.
GameStop closed the day on Wall Street Friday with nearly a 40% drop, trading at over $28 per share — a $18 decline for the day.
This showcased the substantial influence one individual can have on the stock market through their online presence before an audience of social media users.
ELON MUSK, TWITTER AND TESLA STOCK
Last year, data science student Affan Bin Hasan from Cardiff University in the UK published research findings on the impact of billionaire Elon Musk’s Twitter posts on the stock price of Tesla. Hasan discovered a direct correlation between Musk’s tweets and Tesla’s stock price.
Musk settled with regulators and faced a class-action lawsuit for $40 million after allegations of misleading investors with a 2018 tweet about taking Tesla private, which did not materialize.
KEITH GILL’S INFLUENCE
The 37-year-old Gill has testified before Congress regarding his influence. In 2021, he was among those questioned by the House Financial Services Committee on short-selling practices.
He was the inspiration behind the film “Dumb Money.” Recently, he reappeared in the financial social media scene with a message posted on X — formerly known as Twitter — hinting at his return to day trading.
