How 1 Roaring Kitty tweet led GameStop stock to skyrocket again, explained
This is absurd, but it’s happening. Again.
The year was 2021. GameStop, the video game and electronics retail chain wasn’t doing well given the changes in buying habits. But then investors on Reddit decided to en masse buy stock and the whole thing exploded into “meme stocks” getting prices hiked thanks to people deciding to buy them together.
Since all that chaos, GameStop had its ups and downs in the stock market … and then Roaring Kitty tweeted.
Who is that, you ask? The answer: a financial analyst named Keith Gill who was all over Reddit hadn’t tweeted in three years from his Roaring Kitty account … until Sunday, with this meme:
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Literally, that’s it. And on Monday, investors poured their money into GameStop, with the New York Stock Exchange halting trading a few times.
Ridiculous? Sure. We’ll see what happens going forward. But it’s amazing what one tweet did.