GameStop’s stock price continues to tumble as Keith Gill—better known by his online monikers Roaring Kitty and DeepFuckingValue—steps back from the limelight. The once-soaring stock is now on a downward trajectory, erasing recent gains.
As of this writing, GME is trading at $23.00, reflecting a nearly 3% drop since Monday’s close and a 7% decline over the past week, according to Google Finance data. This recent dip has dragged GameStop’s stock to a monthly loss of just over 3%, or $0.75.
This marks a stark contrast from about three weeks ago, when GameStop’s stock surged to a monthly high of $46.55 following Gill’s disclosure of a position worth nearly $600 million. Had the stock continued its upward climb to $65, Gill’s holdings could have ballooned to $1 billion.
However, the momentum quickly fizzled. GameStop’s stock lost steam as the company reported a disappointing quarter, and Gill’s first livestream in three years garnered mixed reactions. Despite his characteristic humor and meme-sharing about the downward trend and missed billion-dollar mark, the enthusiasm waned.
Gill did increase his GME holdings by exercising some options, boosting his share count from 5 million to just over 9 million, currently valued at approximately $206 million. Since his last Reddit disclosure on June 13 and a subsequent Twitter post more than a week ago, he has remained silent.
Meanwhile, GME’s stock continues its descent. Speculation that Gill might join GameStop’s board was quashed last week when the much-anticipated shareholder meeting—delayed due to high trader interest—concluded without any mention of the trader.
The rise and fall of meme stocks like GameStop heavily rely on the active engagement of influencers and fervent online communities. In GameStop’s case, the pattern is clear: stock prices spike when Gill posts and make waves, then cool off as he retreats from public view.
Will Gill reignite the excitement in July? Eager GME investors are certainly on the edge of their seats.
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