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Return of Meme Stocks?

GameStop shares reached their highest level since 2022 yesterday, after a leader of the meme-stock movement posted online for the first time in three years. 

Keith Gill—known as "Roaring Kitty" online—was one of the leaders of Reddit's r/WallStreetBets, a forum in which he and others inspired mass trading of GameStop stock in 2021, taking aim at hedge funds with short positions against the retailer. On Sunday night, Gill again took to social media, posting a wordless meme used by gamers to indicate when something is getting serious. The post was his first since June 2021. 

Sunday's post was enough to send GameStop shares up nearly 75% yesterday, with trading halted at multiple points due to volatility. Other companies associated with meme stocks, including AMC and Reddit, also saw a boost. Meanwhile, hedge funds betting against GameStop saw over $1B in mark-to-market losses (see 101).

The 2021 meme-stock movement inspired the 2023 movie "Dumb Money," starring Paul Dano as Keith Gill. Watch the trailer here

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