GameStop shares surge after meme stock influencer reveals $116 million bet
CNN
Shares in GameStop were 35% higher Monday morning after shooting up by almost 73% in premarket trading as the renewed frenzy around meme stocks shows little sign of abating.
Shares in GameStop were 35% higher Monday morning after shooting up by almost 73% in premarket trading as the renewed frenzy around meme stocks shows little sign of abating. The video game retailer’s stock soared hours after a Reddit post by stocks influencer Keith Gill — also known as “Roaring Kitty” — revealed that he had bought nearly $116 million worth of the stock. The post was the first on Gill’s Reddit account in more than three years, when social media-fueled hype around GameStop (GME) shares was in full swing. Meme stocks are shares that swing wildly in value based on their popularity among trader communities on social media rather than the companies’ fundamental characteristics. The frenzy started with GameStop in 2021, extending to other companies such as AMC Entertainment (AMC) and Bed, Bath and Beyond, which has since filed for bankruptcy. Shares of AMC Entertainment were up nearly 13% in morning trading on Monday. Gill also sent GameStop shares soaring last month after posting a meme on X of a man leaning forward in a chair holding a video games console — his first post on that platform in three years. GameStop had posted a similar cartoon back in February.
China’s richest man has hit out at online shopping platforms, accusing them of starting price wars that have damaged a wide range of companies and industries as the country tackles an economic slump.
When the CEO of Indian delivery app Zomato advertised for a chief of staff on social media, it came with two large caveats.
The Jeep Gladiator was unveiled to great fanfare by then-owner Fiat Chrysler in 2018, the first pickup model for the hot brand in more than a quarter of a century. And at first it seemed like it might live up to the hype.
In between his posts on Truth Social announcing nominees for his incomingadministration, President-elect Donald Trump urged Republicans Wednesday to nix a bipartisan bill that would give journalists greater protections under federal law.
A coffee shop in Middleborough, Massachusetts, went viral overnight for offering free coffee to customers who entered the shop while dancing.
President-elect Donald Trump’s promise to further restrict immigration and roll out “mass deportations” has not been finalized, but the specter of looming policy changes is already reverberating throughout the US job market.
A recent lawsuit alleges Linda McMahon, who President-elect Donald Trump tapped to lead the Department of Education, knowingly enabled the sexual exploitation of children by a World Wrestling Entertainment (WWE) employee as early as the 1980s — allegations she denies.
Months into President Donald Trump’s first term in the White House, his Justice Department sent shockwaves through the media industry by suing to block AT&T’s takeover of CNN owner Timer Warner.
Social Security is by far one of the most popular government programs in the United States because it is critical for so many retirees’ financial security.
The US government formally proposed a partial breakup of Google on Wednesday, urging a federal judge to force a sale of the company’s Chrome web browser after a landmark ruling this year finding that Google had violated US antitrust law with its search business.
Indian billionaire Gautam Adani and other executives were indicted in New York for roles in a multi-billion-dollar fraud scheme, the US Department of Justice said Wednesday.