Stock influencer Keith Gill’s first livestream in three years failed to spark enough investor enthusiasm in GameStop (NYSE:GME) on Friday to reverse a nearly 40% slump in the shopping mall retailer’s stock after it unveiled a share sale to raise up to $3 billion.
On a livestream with more than 600,000 viewers, Gill, the key figure behind an eye-popping rally in the struggling company’s stock in 2021, joked about memes and interspersed his discussion of GameStop with various disclaimers.
Known on YouTube as “Roaring Kitty,” he warned viewers they could “lose it all” and that his “aggressive style of investing, it is almost certainly not suitable for you all.”
Shares of GameStop, which also reported its quarterly results four days ahead of schedule on Friday, shot up nearly 50% the day before after Gill posted about the upcoming livestream.
Volatile trading in GameStop, AMC Entertainment (NYSE:AMC) and other stocks since Gill’s return to social media last month shows some investors still have appetite for risky trades on struggling companies.
“You post a couple of memes, you post a couple of screenshots, and everyone loses their minds,” Gill said on the livestream, wearing a headband and white sunglasses.
The stock ended at $28.22 after it was halted several times ahead of and during the much-anticipated livestream.
Investors exchanged $10 billion worth of GameStop shares, more than any other stock on Wall Street, except Nvidia (NASDAQ:NVDA) and Apple (NASDAQ:AAPL) , according to LSEG data.
e company. After Friday’s drop, the stock remains up more than 50% over that time.
