Meme stocks roared back on Monday after the return of "Roaring Kitty" or Keith Gill, a social media influencer who sparked the 2021 meme stock rally on social media after a three-year break. Roaring Kitty, on X.com, tweeted an image of a person sitting forward in a chair holding a videogame controller — a popular meme among gamers that signifies "things are getting serious."
The post has attracted considerable attention, amassing over 10K retweets, 24K quote tweets, 94K likes and more than 19 million views, highlighting its widespread appeal and significance. Investors flocked to the companies with relatively poor fundamentals, which retail traders had piled on in 2021 to boost their share prices. The rally is reminiscent of the 2021 meme stock frenzy.
Meme Stocks on the Move
Shares of GameStop Corp. (NYSE: GME), the world's largest video game retailer, more than doubled following the post. Its trading was halted eight times due to volatility. The stock added about $6 billion in market value in less than an hour as traders pumped Gill's return to tweeting as a sign that the memo stock boom is back.
Other meme stocks also surged. AMC Entertainment Holdings Inc. (NYSE: AMC) rallied nearly 80%, marking its most substantial single-day rise since June 2021 and the third strongest in its history. Headphones maker Koss Corp (NASDAQ: KOSS) soared 38%, while Hertz Global (NYSE: ...
