Shares of GameStop saw a significant rise after Keith Gill, also known as "Roaring Kitty," announced a scheduled livestream on YouTube, his first in almost four years. The livestream, set for noon on Friday, led to speculation among traders that Gill would discuss his bullish stance on GameStop, a company in which he holds a massive stake. Gill, who gained notoriety for his investing thesis on the brick-and-mortar video game retailer, saw GameStop's stock surge by 30% to trade around $40 per share, with a peak increase of 40% causing a brief halt in trading due to volatility. This surge resulted in the stock rising by over 80% for the week.
With more than 10,000 people waiting for the livestream and numerous comments flooding the chat box, Gill, known as DeepF------Value on Reddit, resurfaced online after revealing his significant holdings in GameStop. Holding five million shares of GameStop common shares and 120,000 call options, with a combined market value of at least $200 million, Gill's actions drew the attention of E-Trade, with reports suggesting that the broker was considering banning him due to concerns of market manipulation.
Despite the potential controversy surrounding his actions, Gill's involvement in the trading mania of 2021 has led to congressional hearings focused on brokers' practices and the gamification of retail trading. A former marketer for Massachusetts Mutual Life Insurance, Gill's return to the spotlight has reignited conversations about the impact of individual investors on the stock market and the potential risks associated with their actions.