GameStop stock surges more than 110% as ‘Roaring Kitty’ makes surprise comeback with cryptic post

“It doesn’t take much, if the crowd descends, to push the price wickedly in one direction,” Atwater told The Post. “If you were short this morning, you have had your face ripped off. This was not a morning to wake up short.”

Shares of GameStop, which has struggled with dwindling sales for years, closed at $30.45, up 74% after getting halted multiple times. 

A spokesperson for trading platform Robinhood said the app “has not shut down the purchase of GameStop shares.”

About a quarter of its publicly available shares are in short position, and the bearish investors lost almost $1 billion on Monday, according to CNBC.

“Squeeze-related buy-to-covers will be helping to push GME’s stock price higher — but also expect new short-sellers to jump into this trade as GME stock prices around or above the $30 level will be attractive entry points for new short-selling,” said S3 Partners managing director Ihor Dusaniwsky.

“Short sellers may be in for a bumpy and bloody ride in these stocks,” he added.

GameStop in March cut an unspecified number of jobs to reduce costs and reported lower fourth-quarter revenue.

With today’s gains, the stock now has a market value of more than $9 billion, but at its peak was worth about $37 billion.

Shares of AMC, another meme-stock, road the wave of frenzied trading, soaring 78%, to $5.19 per share.

Gill, a 37-year-old former employee at Massachusetts Mutual Life Insurance, helped spark a frenzy in which retail traders bought stock in struggling firms like GameStop and AMC to squeeze short-sellers.

GameStop’s value spiked more than 2,000% in the first months of 2021. At one point that year, the stock hit an all-time high of $120.75 in intraday trading.  

Aside from his Roaring Kitty moniker, Gill posted as “DeepF—kingValue” on Reddit’s “Wall Street Bets” forum. Gill’s personal windfall from the meme stock rally was never disclosed.

Though the value of his GameStop stake was worth nearly $48 million at its peak, according to Reuters.

The meme stock rally famously caused the collapse of Melvin Capital, which was led by investor Gabe Plotkin and incurred heavy losses during the short squeeze.

The trend drew such intense scrutiny that Congress convened hearings in February 2021 to assess the situation – with Gill making an appearance as the star witness.

“Social media platforms like YouTube, Twitter, and WallStreetBets on Reddit are leveling the playing field,” Gill says in written testimony at the time. “And in a year of quarantines and COVID, engaging with other investors on social media was a safe way to socialize. We had fun.”