Don’t you just love a good soap opera on Wall Street?
Dave Portnoy, the well-known trader who operates under the moniker “Davey Day Trader,” recently made significant news by announcing large investments in GameStop Corp and AMC Entertainment Holdings Inc. This move coincided with the much-anticipated return of Keith Gill, better known as Roaring Kitty, to social media, which triggered a fresh rally in these meme stocks.
I think Roaring Kitty made a tactical error by doing a live stream #DDTG pic.twitter.com/CfsO8swkHB
— Dave Portnoy (@stoolpresidente) June 11, 2024
Portnoy revealed that he had acquired nearly $1 million in GameStop shares and approximately $700,000 in AMC shares. His announcement came at a time when these stocks were once again gaining considerable attention due to Roaring Kitty’s renewed activity online.
Roaring Kitty, whose previous actions had sparked a major trading frenzy, returned to the spotlight a few weeks ago by posting memes and video clips on social media platforms. This resurgence of activity led to a surge in speculative trading related to GameStop and similar stocks. Taking his influence further, he shared a screenshot on Reddit from his brokerage account, showcasing stock holdings and options bets valued at over $100 million, all in GameHiStop.
Dave Portnoy Says Roaring Kitty Made This ‘Tactical Error’ As GameStop Shares Trade Down 60% From Last Week’s Highs – GameStop ( NYSE:GME ) https://t.co/u9GWSKnZG7
— John (@FintechAlgo) June 11, 2024
Further fueling the excitement, Roaring Kitty hosted his first YouTube livestream in over two years. Despite being delayed by half an hour, the stream attracted more than 500,000 concurrent viewers at its peak. Following this event, however, GameStop’s stock experienced a significant downturn. Portnoy, in his own livestream, critiqued Roaring Kitty’s approach, suggesting that the event was a “tactical error” and somewhat anticlimactic.
Portnoy argued that a major component of Roaring Kitty’s appeal had been the mysterious and cryptic nature of his posts. For instance, a simple image of an Uno card shared by Gill could ignite widespread speculation and excitement. According to Portnoy, the livestream failed to maintain this sense of mystery and intrigue, which had previously been a hallmark of Roaring Kitty’s appeal.
Roaring Kitty vs. Dave Portnoy
You so easily fell for their trap. Broken to another man’s fist. Like a falcon without the beauty. pic.twitter.com/vW2WFZDLp3
— Neirdolife (@neirdolife1) June 11, 2024
“The shroud of secrecy almost with him and he just puts [up] an Uno card, it goes nuts,” Portnoy observed. “He just puts [up] a meme. It goes nuts. Didn’t really work out with the livestream.” In this way, Portnoys critique highlights a shift in the dynamic that previously drove the meme stock phenomenon.
Major Points:
- Dave Portnoy, known as “Davey Day Trader,” announced substantial investments in GameStop and AMC Entertainment, aligning with Keith Gill’s (Roaring Kitty) return to social media.
- Roaring Kitty, influential in previous meme stock surges, resumed posting memes and videos, reigniting interest and speculation in these stocks.
- He showcased a brokerage account via a Reddit post indicating holdings and options in GameStock valued over $100 million.
- Following a livestream that garnered over 500,000 viewers, GameStop’s stock price fell significantly, which Portnoy critiqued as a “tactical error” due to the lack of the usual secrecy and mystery.
- Portnoy suggested that Roaring Kitty’s straightforward livestream did not match the speculative excitement typically generated by his more cryptic posts.
Kirk Volo – Reprinted with permission of Whatfinger News