Did GameStop Make a Meme Stock Billionaire?

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AI ‘Right to Warn’ - Insiders from top AI firms signed an open letter urging more transparency and protections for AI whistleblowers.

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A Meme Stock Influencer Billionaire?

Meme stock season is back as Youtuber Keith Gill aka Roaring Kitty returns to social media after a three-year hiatus, sparking a massive short-squeezing rally. Gill was prominent in the frenzy on GameStop and other meme stocks in 2021, and on Sunday posted a cryptic image on X hinting at his pending livestreaming return, followed up by two more cryptic posts on Monday.

This sparked speculation and a surge in trading activity, with GameStop's shares jumping over 70% on Monday to more than $30. $GME is now above $65, up over 500% since since May 1st. The KobeissiLetter calculates Gill is set to be a billionaire if $GME opens at or above current levels today, with shares worth ~$325M and options worth ~$700M for a combined ~$1 billion - an $850 million gain on his position. $GME, short sellers on the other hand it calculates have lost $2.1 billion today and counting.

Party Like it’s 2021

This resurgence echoes the meme stock mania of 2021 when Gill and other influencers caused havoc for hedge funds short-selling companies like GameStop with challenging fundamentals. It highlights the growing influence of retail investors in the financial markets with the combination of easier access through platforms like Robinhood, with the viral nature of social media and the “meme culture” of crypto trading. Speaking of crypto, a Solana-based purely meme token (ie not a derivative), GME, is up over 3,000% since mid-May and has a $120M market capitalization.

Game Over?

The 2021 meme stock season led to increased regulatory and legislative interest, with the SEC monitoring the situation closely. It also had a direct impact on Robinhood, with market volatility leading to temporary trading halts and restrictions on meme stocks, which sparked outrage among retail investors and led to further scrutiny of trading platforms' practices. The WSJ reported last week that E*Trade was considering banning Gill amid concerns his social media actions could amount to market manipulation.

So despite 2021’s discussions about market manipulation and the need for regulatory changes, here we are three years later and nothing seems to have changed. E*Trade has already “halted” trading on $GME a number of times, and no changes seem to have been made to protect retail investors’ rights.

“The only logical outcome here is he becomes a Billionaire, gets arrested for market manipulation, riots break out everywhere, the FED cut rates to zero, New President Trump gives him a presidential pardon, he becomes new FED chairman.”

Anon, X Post

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Asana - "AI teammates" automate work tasks, improve productivity.

Zoom - Wants to create AI "digital twins" to attend meetings for you.

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