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The return of Roaring Kitty, aka Keith Gill, to social media platform X reignited a boom in meme stocks during the summer months of 2024.
After weeks of posting memes and videos on social media and updating his investment portfolio, Roaring Kitty has gone silent once again.
What Happened: Roaring Kitty began speculation about a return to investing with a meme posted on social media on May 12, 2024.
Gill went on to post several memes and videos speculating he was back in the stock market with an investment in GameStop Corporation (NYSE:GME).
On June 2, Gill revealed a position in GameStop stock and options, which contributed to a surge in the stock’s price.
GameStop and other meme stocks surged on the heels of Gill's return to social media and ahead of a YouTube livestream he did.
Gill saw his social media following surge with a return to social media. After starting with around 470,000 followers on May 12, Gill's X following was up 180% in less than one week to more than 1.3 million followers. Gill gained 61,630 the day he posted his meme return to X and gained over 386,000 on Tuesday, May 14 when GameStop shares hit their new 52-week high.
The Roaring Kitty X account later posted a picture of a dog, speculating a potential investment in pet stocks. Gill later revealed a 6.6% stake in Chewy Inc (NYSE:CHWY), which saw the pet stock trade higher.
Gill has not posted on X since June 27, which was the dog picture. Since going silent on X, the Roaring Kitty account has been losing followers.
The X account has 1.6 million followers, but has lost over 3,000 followers in the last 30 days and is currently losing an average of 100 followers per day, according to Social Blade.
While a return to social media once again could bring more followers his way, the Roaring Kitty account could continue to shed followers as investors lose interest in his storyline.
Why It's Important: GameStop shares opened for trading at $26.34 on May 13 and opened for trading on May 14 at $64.83, which is the current 52-week high. On June 3, the Monday after Gill's portfolio unveiling, shares opened at $40.19.
GameStop shares today trade at $21.28 and many investors who bought in after Gill returned to social media or shared his portfolio update are down on their investment if they are still holding.
GameStop stock is down 12.1% over the last month, but remains up 21.4% year-to-date in 2024.
Likewise, Chewy shares opened for trading on July 1 at $29.77 and trade at $22.83 today.
Chewy shares are down 9.2% over the last month and down 3.3% year-to-date in 2024.
Roaring Kitty faced a lawsuit from investors over alleged market manipulation that was later voluntarily dismissed.
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Image created using artificial intelligence via Midjourney.
