GameStop Shares Soar as Keith Gill Schedules YouTube Return

(Bloomberg) — Keith Gill, whose Roaring Kitty online moniker has sent GameStop Corp. shares surging in the past week, sparked another rally in the video-game retailer after a YouTube post said he’d return to the platform Friday for the first time in three years.

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GameStop shares surged as much as 41% to $44.41 as of 1:45 p.m. in New York, triggering a volatility halt. The stock is up nearly 60% in two days and has more than doubled since Gill tweeted a cryptic meme May 12.

While Gill’s YouTube post contained no information on what the investor planned to discuss or disclose, his expected return sparked further speculation that Gill is bullish on GameStop. The post says his live stream will kick off at 12 p.m. New York time.

The details of the scheduled stream also included a disclaimer that does not appear in his prior live streams. The disclaimer, which says it will play at the start of the stream, was layered with legalese about the video being opinion based and included a warning that past performance is not indicative of future results.

“This YouTube channel is not under any obligation to update or correct any information provided in these videos,” the disclaimer reads. “Statements and opinions are subject to change without notice. No compensation is received by this YouTube channel for the opinions expressed.”

Within minutes of the posting being circulated, more than 10,000 YouTube users signaled an interest in being notified when the stream starts. The video’s live chat featured hundreds of comments.

In the wake of the update, the company’s ticker was trending on popular chatroom StockTwits as well as Reddit’s WallStreetBets forum.

Earlier this week, Gill, who became an icon for cooped-up retail traders at the height of the pandemic, shared a screenshot that appeared to show his owning a $116 million position in GameStop. A position that large would make Gill one of the company’s five biggest investors and is more than six times the number of shares his account showed in an April 2021 post, the last time it was active on Reddit, when accounting for a four-for-one stock split.

Gill, who is known by his X and YouTube handle Roaring Kitty as well as DeepF—-ingValue handle on Reddit Inc., profited handsomely from investing in the beleaguered video-game retailer through 2020 and 2021.

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His activity across social media, beginning with a May 12 post with an image of a video gamer leaning in, fueled anticipation he’d make a swift return to the market and drove shares to more than triple in days. The Reddit post less than a month later sent shares even higher with Gill also posting an image of a reverse card from the game UNO that indicates a player is changing the card-pickup direction.

The stock’s reaction to Gill’s social media accounts has sparked debate over whether he has violated any securities regulations. Brokerage E*Trade is considering kicking Gill off of its platform over concerns about potential stock manipulation tied his recent GameStop options purchase, the Wall Street Journal reported.

–With assistance from Bre Bradham.

(Updates stock move, adds detail throughout)

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