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GameStop Stock News: Roaring Kitty meme sends meme stocks soaring

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It was the meme heard ‘round the world. On Sunday, May 12, Keith Gill posted a meme on X (formerly Twitter) of a man leaning forward in his seat, which is normally used by video game enthusiasts to mean a situation is getting serious.

Keith Gill returns to social media after three-year hiatus. GameStop stock soars over 100% on the news on top of early May rally. Analysts say Monday's gains might mean $500 million loss for short-sellers. AMC, BlackBerry, Koss also see gains on meme stock euphoria. It was the meme heard ‘round the world. On Sunday, May 12, Keith Gill posted a meme on X of a man leaning forward in his seat, which is normally used by video game enthusiasts to mean a situation isgetting serious.

Why is GameStop called a meme stock? In January of 2021, retail stock traders that organized on Reddit’s r/WallStreetBets forum realized that GameStop’s short ratio exceeded its float through the use of naked shorts. This information circulated until a group of traders decided to buy up the small amount of shares that were available.

 

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