Meme stock retail trader Keith Gill, who goes by ‘Roaring Kitty’, kicked off his highly anticipated YouTube livestream Friday telling nearly 600,000 viewers why he continues to bet big on GameStop.
"It becomes a bet on the management" of GameStop – particularly on CEO Ryan Cohen "and his crew" – during the "transformation stage" that he believes the video game retailer has entered.
"That’s probably going to be an ongoing debate as to how people feel about him, whether he can successfully transform that business," the meme stock retail trader said cracking jokes here and there. He also reminded his viewers to "make your own decisions."
Shares, which were lower ahead of the livestream, remained down over 30%, prompting several trading halts during his remarks.
Still, the stock has advanced over 200% this quarter alone after Gill returned to social media after a three-year break, hyping the video game retailers.
"I’m not promising anything but over the long term here, I think he seems like the type of guy," Gill added. "He seems like he has those characteristics in the way he approaches this, seems like he might be able to do this but, again, that’s not a guarantee."
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Cohen, who founded pet supply website Chewy, took the helm of the struggling video game retailer in late September of 2023.
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This is a developing story. Please check back for more updates.
