GameStop stock soared Thursday after “Roaring Kitty,” the originator of the meme stock frenzy, scheduled a YouTube live event for Friday.
The livestream is scheduled for June 7 at 12 p.m. ET and already had nearly 13,000 people waiting for it to begin.
Business Insider first reported the jump earlier Thursday, noting that the stock soared as much as 50 percent and traded at $43.66 as of 3:40 p.m. ET.
Roaring Kitty, known legally as Keith Gill, rose to fame on social media platforms like his YouTube channel and on the Reddit community r/WallStreetBets. He became popular among amateur traders, which exploded during the COVID-19 pandemic.
In 2019, Gill shared why he thought buying shares of GameStop, which at the time were barely $1, was a good idea. By late January 2021, so many traders were investing that shares peaked at more than $80.
Gill made millions and later faced a wave of backlash from Wall Street and Washington. He and his employer, MassMutual, were inundated with lawsuits but faced no criminal charges despite calls from Wall Street to crack down on the meme stock hype.
He testified before a House committee, and the GameStop stock frenzy fizzled out until last month.
Roaring Kitty disrupted the market again in May after posting on social media for the first time in years. GameStop stock jumped again after Gill posted the memes.
It’s not known what Gill is going to say in the livestream Friday. It could be more on GameStop stock or other investing opportunities. Whatever it may be, people will excitedly be watching.
