When you buy through affiliate links in our content, we may earn a commission at no extra cost to you. Learn 
The meme stock world is again in the spotlight as Keith Gill, also known as ‘Roaring Kitty,’ makes a comeback on social media, triggering a remarkable upswing in GameStop and AMC stocks.
Gill, who has been off social media for the past three years, surfaced on May 13 with a post on X depicting a man leaning forward in his chair. This meme often used by gamers to indicate a serious situation.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
This post is believed to have sparked interest in the stock prices of GameStop and AMC, which have been languishing over the years.
After Gills’s post, May 13 trading saw GameStop’s shares close up 74%, marking the biggest intraday trading jump for the company since the meme stock craze of early 2021. Other meme stocks, such as AMC, also experienced a boost.
As of the latest market update, GameStop’s stock price is $30.45, more than double its opening price on May 13.
AMC’s stock price, on the other hand, increased by 78.35% and was trading at $5.19 at the close of the market.
This surge is reminiscent of the ‘short squeeze’ phenomenon in 2021, when Gill and other retail investors bought GameStop shares, forcing large investors who had bet against the company to buy its rapidly rising stock to mitigate their losses.
In 2021, GameStop was a struggling video game retailer, with its survival threatened by the shift from physical discs to digital downloads. Large hedge funds were shorting its stock, expecting its shares to continue downward. However, the actions of Gill and like-minded investors changed the company’s fate, saving it from a seemingly inevitable bankruptcy.
This recent surge in GameStop and AMC stocks highlights the influence of retail investors and the role of social media in the stock market. The longevity of this surge and its impact on the future of meme stocks remains to be seen.
