Even a meme influencer’s live stream didn’t save GameStop’s downward spiral

Meme Stack is an American game store chain Gamestop It released its interim report for the start of the year on Friday. The company had previously announced that it would release the figures in late June, so the announcement came as a surprise.

The result was disastrous, and the stock fell 40 percent. The company’s net sales fell 29 percent year-over-year to $881.8 million. The operating result was a loss of $32.3 million.

Even an influencer who became popular in 2021 by sparking a meme stock frenzy couldn’t change the course Keith GillBetter known as Roaring Kitty.

After the course description, the story continues.


Meme sharing

The value of stocks increased especially due to the impact of social media. A meme refers to a widely circulating internet phenomenon.

For example, GameStop’s stock price increased almost thirtyfold in a short period of time in January 2021.

The rise was due to a campaign organized on online platform Reddit, which encouraged people to buy shares of the company. Short pressThis forced short sellers to buy back the stock and pushed the price higher.

Read more about short selling For example here. Meme sharing as a phenomenon will be explained in more detail In this article.

On Friday, Gill held a live broadcast for the first time in three years, where he said he still believes in stocks.

Reuters news agency reported More than 600,000 people watched the broadcast live. The post on video service YouTube has so far been viewed more than two million times.

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A stock influencer’s cryptic communications full of memes and cat videos, the meme is often taken as a sign that stock prices are rising. When Gill announced the live broadcast on his YouTube channel on Thursday, GameStop’s stock jumped nearly 50 percent.

Earlier in May, GameStop RocketWhen Gill suddenly started posting on social service X, formerly Twitter.

Watch Roaring Kitty’s Friday live broadcast below.

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