Keith Gill, better known as Roaring Kitty, after three years of silence, posted an image of a man sitting in a chair leaning forward in X, a meme used by gamers when things get serious, AP reports.
Hill is now publishing fragments from various movies and TV series, deciphering the hidden meaning of which is like a full-fledged cryptographic riddle.
Just from the mere fact of Roaring Kitty’s appearance, GameStop shares increased by 57%, and AMC shares by 10%.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Who is Roaring Kitty?
GameStop is a video game store chain that almost went bankrupt in 2021 due to the massive shift to digital versions of games.
Roaring Kitty and its supporters began buying thousands of GameStop shares despite almost all indicators that showed the company was in serious trouble.
This is how the so-called “short squeeze” began, when large investors who bet against GameStop were forced to buy its rapidly rising shares to compensate for their huge losses.
Roaring Kitty became a celebrity and showed that the united community could really compete with the big hedge funds that were betting big against GameStop’s survival.
At the time, GameStop’s stock rose by more than 1000%. The same year, the struggling movie theater chain AMC’s stock jumped 2300% in a very short period of time.
Some large traders suffered huge losses when the price of GameStop shares rose from less than $20 to almost $400 a share. Citron Research, Melvin Capital, and other prominent hedge funds lost approximately $5 billion, according to data from analyst firm S3 Partners.
When Roaring Kitty and his followers started buying up GameStop shares, more than 140% of the company’s outstanding shares were shorted. Some traders took out loans secured by the shares they had already sold to make even bigger bets against the company, which greatly increased their losses when the stock started to rise.
After that, Roaring Kitty posted a video with a cutaway of kittens falling asleep and disappeared for three years.
— Roaring Kitty (@TheRoaringKitty) June 19, 2021
The story of Roaring Kitty was filmed last year in a movie called Dumb Money.
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