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GameStop’s stock price keeps sinking as famed trader and influencer Keith Gill—better known as Roaring Kitty or DeepFuckingValue—continues his retreat from the spotlight. And now the stock is down over the past month, shedding the last of the latest batch of gains.
GME is trading for $23.00 as of this writing, down nearly 3% since Monday’s closing price and 7% over the past week, per data from Google Finance. The last leg down has pushed GameStop’s stock price to a monthly loss of just over 3%, or $0.75.
That’s a real shift from about three weeks back, when GameStop’s stock price skyrocketed to a monthly high of $46.55 as Gill revealed that he had amassed a position worth nearly $600 million. The GME bull’s holdings could have been worth $1 billion if the stock price had continued to climb to a price of $65.
But that didn’t happen. GME lost steam quickly as the company reported a down quarter and Gill’s first livestream in three years received mixed reviews. He joked about the downward swing and his lost chances at a billion-dollar position in trademark fashion, by sharing memes, but the lost momentum was never truly regained.
Gill ultimately exercised some of his GME options, boosting his holding of shares from 5 million to just over 9 million, worth some $206 million as of this writing. He hasn’t shared another disclosure on Reddit since then (June 13), however, and last posted on Twitter more than a week ago.
In the meantime, GME has continued to dip. And widely spread rumors that Gill would be named to GameStop’s board were dashed last week when the shareholders meeting—delayed due to immense trader demand on the streaming platform—came and went without even a mention of the famed trader.
Meme stocks require constant stoking by influencers and fervent online communities to stay hot and continue gaining, and in the case of GameStop, we’ve seen a similar result for two months now: The price spikes as Gill returns to posting and makes some noise, then cools off when he fades from view.
Will he repeat the feat in July? Eager GME investors surely can’t wait to find out.
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Source: https://decrypt.co/236943/gamestop-shed-last-months-gains-roaring-kitty-disappears
