GameStop shares plunge, interrupted during Roaring Kitty live stream

Shares of video game retailer and meme stock sensation GameStop plunged Friday afternoon and were strangled several times as the investor responsible for the craze behind them held a live broadcast.

GameStop shares fell more than 33 percent shortly after 12:45 p.m. Eastern Time, 45 minutes after Keith Gill, the investor known as Roaring Kitty, began a much-anticipated live YouTube presentation. The New York Stock Exchange suspended the purchase and sale of GameStop shares more than a dozen different times throughout Friday as its value plummeted.

Nearly four years after kickstarting the 2021 meme stock craze with his quixotic stake in GameStop, Gill spurred another rally in the retailer’s stock price last month. The Massachusetts-born former financial consultant remained silent on social media for years after he and his legions of amateur Internet marketer acolytes faced the wrath of Wall Street and Washington.

GameStop shares have risen more than 90% in the past month since Gill returned to the platform formerly known as Twitter with a series of various cat photos. But they remain well below the peak of more than $81 on January 29, 2021, after which the share price plunged.

While Gill’s meme acolytes and stock traders believe his conduct is no different from that of the dozens of Wall Street investors who tout their holdings in media interviews, financial experts have expressed concerns about the lack of a Clear investment logic behind several meme stock positions.

This story originally appeared on thehill.com read the full story