TLDR
- Keith Gill (Roaring Kitty) posted a modified Time Magazine cover, causing GameStop stock to surge 7%
- The post featured cryptic numbers “69” and “420,” triggering market movement
- A Solana-based GME meme coin jumped 72% within three minutes
- GameStop stock trading was temporarily halted after reaching nearly $31
- SEC and Massachusetts regulators are investigating Gill’s online behavior
Keith Gill, known online as Roaring Kitty, has once again demonstrated his influence over financial markets through a single social media post. The meme stock influencer shared a modified version of Time Magazine’s 2006 “Person of the Year” cover on December 5, 2024, leading to immediate price movements in both GameStop stock and related cryptocurrency markets.
The post featured an altered version of the magazine’s iconic mirror-like monitor display. While the original cover highlighted “You” as Person of the Year, Gill’s version removed the text and included specific numbers: “01:09/04:20.” These numbers, 69 and 420, are commonly associated with meme culture and have appeared in previous market-related social media trends.
GameStop’s stock price responded swiftly to Gill’s post. The share price increased by 7% to reach $28.93, with an initial spike approaching $31. The sudden price movement triggered a temporary trading halt, as reported by Nasdaq Trader. This price action adds to the stock’s recent performance, showing a 26% increase over the past month despite a 5% decline in the week prior.
— Roaring Kitty (@TheRoaringKitty) December 5, 2024
The impact extended beyond traditional stock markets. A Solana-based meme coin using GameStop’s GME ticker symbol experienced a sharp 72% price increase within just three minutes of Gill’s post. The coin’s price jumped to $0.0089 before settling at $0.0067, maintaining a 30% gain for the day.
This isn’t the first time Gill’s social media activity has influenced markets. In September, his post featuring an altered scene from “Toy Story 2” temporarily affected pet supplier Chewy’s stock price. The post showed the character Andy discarding a dog-faced version of Woody, leading to a brief 3.7% drop in Chewy’s share price.
Gill’s market influence dates back to GameStop’s famous short squeeze in 2021. During this period, he emerged as a central figure in a retail trading movement that targeted Wall Street short sellers. His online persona, which included the Reddit username DeepFuckingValue, earned him the nickname “nihilist’s Warren Buffet.”
The influencer’s recent return to social media hasn’t gone unnoticed by regulators. Both the Securities and Exchange Commission (SEC) and Massachusetts’ securities regulator have launched investigations into Gill’s online behavior and its market impact.
After a three-year absence, Gill briefly returned to YouTube streaming in June, discussing GameStop’s financial details. His careful approach to these discussions suggested awareness of the ongoing regulatory scrutiny.
Financial records shared through Reddit six months ago revealed Gill’s substantial investment in GameStop. His “YOLO update” showed combined holdings of GameStop shares and cash valued at $268 million. Earlier in June, his reported holdings, which included options, reached $586 million.
Gill’s previous social media activities have consistently moved markets. His April return to social media helped push GameStop’s share price to $48.75. During his brief streaming period, the stock reached $46.55 before gradually declining to current levels.
The immediate market response to Gill’s posts demonstrates the continuing connection between social media influence and financial markets. Trading volume in both GameStop stock and the related cryptocurrency increased notably following his latest post.
This pattern of market movement following Gill’s social media activity has become a recognized phenomenon in the financial world. Each post generates immediate attention from both retail investors and market analysts.
The modified Time Magazine cover post represents Gill’s first social media activity in three months. The timing and content of his posts remain unpredictable, adding an element of uncertainty to market reactions.
Recent trading data shows that market participants continue to monitor Gill’s social media accounts closely. Trading systems registered increased activity within seconds of his latest post appearing online.
The most recent market data shows GameStop’s stock stabilizing after the initial surge, while trading volume remains above average. The related Solana-based GME token continues to experience price fluctuations in secondary markets.
