GameStop shares plunge even as meme stock booster 'Roaring Kitty' says company is on the right track
The investor at the center of the pandemic meme stock craze says he still believes GameStop’s management team can turn the struggling video game retailer around
The meme stock protagonist known as Roaring Kitty took to YouTube Friday to tell his hordes of followers that he still believes GameStop’s management team can turn the struggling video game retailer around.
In a live stream that drew more than 600,000 views Roaring Kitty, whose real name is Keith Gill, posted a screenshot of an E-Trade account that appears to show he continues to hold a sizeable investment in GameStop. But his remarks couldn’t keep shares in the company from plunging almost 40% — a drag on the value of Gill’s investment and a warning about the unpredictability of meme stocks.
Gill’s appearance on YouTube came hours after the release of GameStop’s quarterly results, which showed the company’s turnaround has a way to go. GameStop managed to narrow its losses in the first quarter, but its revenue fell as sales weakened for hardware and accessories, software and collectibles. GameStop also filed paperwork with securities regulators to sell up to 75 million shares of stock.
Gill, who has experience as a licensed securities broker and financial wellness educator, was rambling and unfocused at times during his midday live stream, which ran for nearly an hour and marked his first YouTube video in more than three years.
“No real game plan here, just wanted to hop in, see what's poppin',” Gill said shortly after the start of the live stream. He appeared with his right arm in a sling and bandages on his head, face and clothes in an apparent reference to the beating GameStop's shares were taking.
Gill at times reiterated his belief that GameStop CEO Ryan
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