Capital Economy, Business and Finance
GameStop shares surged yesterday after Keith Gill, the man credited with driving the 2021 meme-stock frenzy, posted on X under his moniker “Roaring Kitty”. Gill’s first post in three years depicted a man leaning forward holding a gaming controller and has been interpreted by acolytes as a sign he’s back to cause trouble. GameStop shares rose by as much as 118 per cent on the news, while trading was halted eight times before noon in New York due to volatility. “How am I supposed to sleep now?” read one post on r/WallStreetBets, the Reddit forum renowned as the place where retail investors first conspired to boost the ailing videogame stock. According to data from S3 Partners, the latest surge in GameStop has already caused short sellers of the stock to lose $1 billion. Other “meme stocks” like AMC and Trump Media Group also saw gains on Monday. Gill’s meteoric moment in 2021 is already the subject of the film Dumb Money, released last year. Bets on a sequel?