The Truth Behind GameStop’s Stock Drive: Roaring Kitty’s Press Conference Fallout
Are you ready for a then-and-now " post?
For those of you who think history repeats itself, you are in for a rude awakening.
This post details the WallStreetBets subreddit drama that occurred for the second time in three years.
In 2021, a YouTuber only known as “Roaring Kitty” made headlines. Bored during the pandemic lockdown, he and his fellow subredditors from the Reddit subreddit WallStreetBets got together and bought GameStop stock in massive amounts. This caused the GameStop stock to greatly appreciate.
Politicians such as Elizabeth Warren were furious about this manipulation of the stock market. Hedge funds that bet against GameStop’s success were crushed. Although they could have reported the subreddit members' inappropriate actions, Warren and other senators vowed legislation that would make this type of stock manipulation impossible.
Fast forward to last week. June 6, 2024, Roaring Kitty, revealing himself as YouTuber Keith Gill announced a live stream on YouTube for the following day.
Investors, believing that lightening strikes twice, started frantically buying Game Stop stock. Gill’s purpose in calling for the livestream was to reveal GameStop’s plan to raise three…
