“Can you hear me now?” Keith Gill began the broadcast. “I kind of forgot how to do it.”
In 2021, an influencer known as Roaring Kitty led a retail investor movement that sparked an extraordinary surge in shares of the embattled video game chain GameStop, convulsing Wall Street, and Mr. Gill became an internet star and testified before Congress about his bullish stance on the stock.
And then he disappeared. For years after the stock market turmoil began, Gill remained silent online, even as a Hollywood movie was made about his battle with the financial establishment.
Last month, a series of cryptic social media posts suggested Roaring Kitty had woken up from a three-year slumber, reigniting a volatile rally in GameStop shares. But they raised more questions than they answered.
Hundreds of thousands of viewers were waiting when Gill reappeared on YouTube today, but those tuning in hoping for an explanation were in for a frustrating 50 minutes.
The first time GameStop's stock price surged in 2021 was Loss-making companiesThree years later, the company is still unprofitable and struggling to find its place in the modern gaming industry.
Its latest earnings report, released just before Roaring Kitty was released, revealed a steep decline in sales since the start of the year. GameStop also Confirmed Plan The company plans to take advantage of the recent surge in its share price by selling up to an additional 75 million shares.
“We will not be holding a conference call today,” GameStop said in a brief press release, without explaining any reasons for the poor performance. The company's shares fell by about 25 cents and trading was halted multiple times.
Retailers weren't ready for the market, but one enthusiastic follower was happy to oblige. Gill reappeared with his arm in a sling, his head bandaged, his face in a bandage, and sunglasses. With the sound of life support machines ringing in the background, he pretended to be dead.
“Yeah, that was close,” he laughed, thanking the audience for bringing him back to life, even as the stock price of GameStop Corp. showed up in the background and looked far from healthy.
Gill was keen to dispel the rumours: “This is me, by the way,” he said, stressing that he controls his own dealings and social media accounts and does not work with anyone else.
So why the return?
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Despite speculation that he might offer new information to explain his confidence in the fading retailer, Gill clarified that he had “no concrete plans,” instead rambling on about movie memes, playing with a Magic 8 Ball and thanking his followers for their well wishes ahead of his birthday.
“It's been a few years now. How are you all?” he said. “I'm so glad to be back.”
Gill reiterated his long-held belief that GameStop's management would one day reinvigorate the chain in some way, but this is hardly a new revelation. Gill hastened to add that while it's not a guarantee, Ryan Cohen, the billionaire entrepreneur who heads the company, “seems to be doing the right thing.”
“In this case, absence of evidence is not evidence of absence,” he argued about GameStop's recovery, but the company's shares continued to fall when it became clear that his livestreams would not be covering any significant news.
“I haven't said anything right,” he continued. The stock price had fallen 40% since the start of the day. “I'm just saying something wrong. Where's the eject button?”
After a while, he found and pressed it. “A toast to everyone,” Gil said, taking a swig of his beer, and finished. “We'll see what happens next.”
Source: www.theguardian.com
