GameStop SLUMPS......7 Jun 2024 18:55
Shares of GameStop Corp. tanked as much as 35% as one of the most prominent figures in the meme stock rally, Keith Gill, also known as Roaring Kitty, returned to livestreaming for the first time in roughly four years.
Gill clarified that his stakes in GameStop were entirely personal, underscoring that he did not receive support from any institutional supporters. He emphasized that the positions displayed in the screenshots, which led to the retailer's stock surging by as much as 90% earlier in the week, represented his sole investments in the portfolio. These positions consisted of 5 million common shares and 120,000 call options. "My aggressive style of investing is almost certainly not suitable for y'all," he added. The 37-year-old investor stressed that there is an "overemphasis" on the video game retailer's legacy business. GameStop's shares were also pulled down by underwhelming first-quarter results after the retailer registered a 29% plunge in net sales year-over-year, landing at $881.8 million for the period.
The retailer's stock plunged 35.23%, trading at $30.12 apiece at 12:59 pm ET.
Baha Breaking News (BBN) / AB