GME and AMC Stocks Surge as Key Player in Meme Rally Makes a Comeback
GameStop and AMC Shares Soar as Keith Gill Returns to Social Media
GameStop (GME) stock and AMC shares surged on Monday after Keith Gill, the catalyst behind the meme stock rally during the pandemic, reappeared on social media for the first time in three years. The New York Stock Exchange (NYSE) temporarily halted trading on GME stock multiple times early Monday as shares soared.
Known on social media as Roaring Kitty, Gill posted on the platform X on Sunday night for the first time since June 2021, sharing a meme that suggested he is "getting serious."
Gill gained notoriety in 2020 and 2021 as a pivotal figure in the GameStop short squeeze. The former financial broker and analyst was summoned to testify before the House Financial Services Committee in February 2021 as part of an investigation into potential market manipulation.
Retail investors celebrated Gill's return with comments like "he's back," "game on," and "just in time for the memecoin supercycle," referencing the rising prices of smaller cryptocurrencies.
Following Gill's post, GME stock skyrocketed by about 74.5% on Monday. Due to the volatility, the NYSE briefly paused trading on GME stock several times within the first hour of trading. GameStop shares had been relatively flat for the year, closing at $17.46 on Friday.
AMC Entertainment (AMC) shares also rallied, jumping 78.4% on Monday. Despite this surge, AMC stock had plummeted nearly 53% in 2024 through Friday and remained close to its record low of $2.38 from April.
Previous Short Squeeze
In 2021, GME stock surged by 688% as individual investors coordinated a buying frenzy on online message boards, catching short sellers off guard. These short sellers, who had bet that the stock would decline, faced unlimited losses unless they bought the stock, further driving up its price.
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