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Return of Roaring Kitty Sends Meme Stocks Into Chaos

GameStop and other meme stocks surged wildly on Monday morning as single tweet on Sunday night that shook the universe of meme stocks, as their fearless leader signaled a second coming.

RBy Rebecca StoneMay 14, 20242 min read

GameStop and other meme stocks surged wildly on Monday morning as single tweet on Sunday night that shook the universe of meme stocks, as their fearless leader signaled a second coming.

Related ContentIf An AI Reworks Copyrighted Images, Is It Art? | Future Tech CCShare SubtitlesOffEnglishRelated ContentIf An AI Reworks Copyrighted Images, Is It Art? | Future Tech CCShare SubtitlesOffEnglishGameStop’s stock was halted for volatility five times and climbed as high as 110% on Monday morning. As of 11 am ET, familiar meme stock and theatre chain AMC rose roughly 24%, while Trump Media rose 8%, Robinhood rose 6%, and Reddit itself jumped by 12%.As Bloomberg reports, Gill is probably calling out the relatively high percentage of short sellers interested in GameStop at the moment. Roughly 24% of available shares are sold short, according to financial analytics firm S3 Partners. That’s generally considered high, but it’s far lower than the short seller interest that preceded the 2021 GameStop mania.AdvertisementOver on the subreddit where 2021’s mania originated, r/wallstreetbets, the channel took notice of Gill’s return. A repost of Roaring Kitty’s tweet received 25,000 upvotes. However, a moderator commented that r/wallstreetbets would remove most posts related to Gamestop in the subreddit, noting that the community has moved on to other meme stocks.“We’re gonna remove most GME posts on WSB that aren’t major happenings like this,” said the moderator. “We’re about gains and losses, YOLO posts, things that aren’t open-ended and open to having people sitting around for years. We’re not trying to judge you too harshly if you are, but that’s not what we did here before GME and that’s not what we’re doing now.”AdvertisementBefore Reddit went public in March, the company warned in its S-1 form that one of the possible Despite its real value as a social media stock, perhaps Reddit was always destined to be a meme stock because of r/wallstreetbets. At least, it certainly seems to be moving that way on Monday morning.

| Future Tech CCShare SubtitlesOffEnglishRelated ContentIf An AI Reworks Copyrighted Images, Is It Art?
Rebecca Stone · Thehackingpost

Based on reporting by gizmodo.com.

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AI transparency. This article was produced with the assistance of artificial intelligence and published under human editorial oversight. AI systems can make mistakes. Read how we use AI (EU AI Act, Art. 50).
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