GameStop Market Cap Nears $10 Billion as 'Roaring Kitty' Returns, Stock Up 40%

May 13, 2024, 12:25 PM

GameStop shares surged significantly following a new post by Keith Gill, known as 'Roaring Kitty', on the social media platform X, marking his first appearance since 2021. This resurgence has led to a dramatic increase in GameStop's market valuation, with the stock price jumping by over 40% in pre-market trading, adding approximately $1.85 billion to its market cap. The stock has now increased by 140% over the last three weeks, reaching a market cap close to $10 billion. This event recalls the 2021 meme stock frenzy that Gill previously ignited, which saw GameStop's stock price peak at $500 and caused substantial losses for hedge funds.