- Gill appears on YouTube for first time in three years
- Video-game retailer says it may sell up to 75 million shares
GameStop shares sank 39% following Keith Gill’s “Roaring Kitty” livestream, where he confirmed his massive positions in the stock and praised CEO Ryan Cohen. The stream, which attracted over 600,000 viewers, caused significant volatility, with trading halted nine times between noon and 1:10 p.m. in New York.
Gill’s appearance alternated between the bizarre and serious, featuring kittens, beer, and viewer interactions. He affirmed his holdings, sending GameStop shares on a wild ride. More than 40 million shares were traded during the stream, with 274 million shares traded on Friday, the highest since March 2021.
GameStop’s first-quarter results showed declining sales and a wider loss than expected. The company plans to sell an additional 75 million shares, potentially raising $2.1 billion.
Despite the stock’s surge following Gill’s cryptic social media posts in May, the market’s reaction raised concerns of potential market manipulation. E*Trade considered banning Gill from its platform due to his influence over the stock.
Gill’s livestream disclaimer emphasized that his opinions were not indicative of future results. Legal experts suggest the SEC might scrutinize his trading activity closely.
