GameStop Meme Stock Mogul 'Roaring Kitty' Reveals -$235 Million Position, GME Tumbles

GameStop Meme Stock Mogul 'Roaring Kitty' Reveals -$235 Million Position, GME Tumbles

Keith Gill, known as 'Roaring Kitty' and one of the main catalysts of the meme stock craze that saw shares in GameStop (NYSE: GME) surge during the COVID-19 pandemic, has reportedly sparked a selloff in GME after revealing his position in the company on a YouTube live stream on Friday. According to the broadcast, Gill currently holds a position in GME shares and options that is showing an unrealized loss of approximately $235 million as of Friday. GME shares are currently trading down about 36.61% at $29.51 during the session. Gill, who is a licensed financial adviser, has been one of the most vocal proponents of GameStop, and his YouTube channel has amassed over 1 million followers. He has been credited with helping to fuel the Reddit-driven rally in GME shares earlier this year, which saw the stock price soar to over $400 per share. However, Gill's latest revelation has raised concerns among some investors that the meme stock craze may be coming to an end. GME shares have been on a downward trend since June, and Gill's announcement has accelerated the decline. It remains to be seen whether Gill's revelation will have a long-term impact on GME's share price. However, it is clear that the meme stock craze is losing momentum, and investors should be cautious before investing in these stocks.