The meme, the man, the legend Keith “The Roaring Kitty” Gill is back online and in full swing following the recent bullish movements of GameStop.
After a long period of silence, Keith announced a livestream due to take place today, June 7 2024. There was no other information shared apart from what’s in the screenshot below.
Upon simply announcing this, the $GME stock skyrocketed over 50% in just a matter of hours and closed on June 6 at just under $48.
What’s fascinating here, is what is left unsaid. During the meme stock craze back in 2019–2021 Roaring Kitty (aka DeepFuckingValue on Reddit) was at the center of a market manipulation scandal, being accused of his social media activity deliberately impacting the stock’s price.
Allow me to take you back to the very beginning of this Epic GameStock saga to properly put into perspective Roaring Kitty’s recent Live Stream — which we’ll also cover once we’ve done the origin story justice.
Who is Roaring Kitty / Keith Gill?
Before his involvement with GameStop, Keith Gill was a relatively obscure figure working as a marketing professional for MassMutual, with an interest in investing.
Under his alias Roaring Kitty on YouTube and DeepFckingValue on Reddit, Gill shared his analyses and investment strategies, often highlighting undervalued stocks like GameStop.
The GameStop story starts 5 years when out of /r/WallStreetBets — a subreddit where degenerate gamblers essentially bet their life savings on stocks — comes DeepFuckingValue, showing an investment Portfolio with nothing but GME stock.
His total investment in GME to date is $53,566.04, at a cost basis of around $0.60 per share. The screenshot he posted shows his first in a series of “gain porn” posts, where he’s already doubled his investment.
Keith’s decision following this post and milestone is not only what ended up making history but also saved a company from bankruptcy.
Going from $53k to $114k is a great trade by any standards. But Roaring Kitty was here to prove to everyone what it truly means to have diamond hands along with possibly a tiny dose of autism.
Just under a year from his initial update, Keith posts his obligatory monthly update in /r/wallstreetbets in August 2020, this time showing an unrealized profit of $1.5 million.
Since his initial post, people in the comments urged him to take the profit and close his positions, but Keith never did, instead, he let it ride, continuously updating the /r/wallstreetbets community.
His last update was on April 6 2021, where he shared yet another screenshot, showing a cool $34 million dollars in profit.
…and radio silence after that. The Roaring Kitty was roaring no more, and people just assumed that he eventually cashed in, and is living the life somewhere on a tropical island with no worries in the world.
That was until June second 2024 when /u/DeepFuckingValue posts in /r/WallStreetBets again. Like before — a positions update, this time with over $210 million dollars in unrealized profit.
He has been posting daily updates since June second, and officially surpassed $500 million in unrealized profit on June 6!
Take a second and let that sink in.
[…]
That’s a 10,000x increase or 1,000,000% increase in his original $53,000 investment.
Keith’s 500 mil unrealized gain was recorded yesterday, June 6, when GME closed at just under $48. As of today, June 7, the stock took a dive, trading in the range of $28 — $30, or a $300 million unrealized loss for Keith.
And if you ever wanted to see the face of a man who’s just lost $300 million on paper, here it is:
Roaring Kitty ended his stream today, after celebrating the 36% drop in the GME stock as the company announced planning to sell around 75 million shares.
In fact, the stream was so chaotic that people are jokingly blaming the crypto dip on Roaring Kitty’s stream.
Roaring Kitty’s Legal Troubles
As GameStop’s stock price skyrocketed from around $20 to nearly $500 in January 2021, The Roaring Kitty’s voice was louder than ever. This meteoric rise also brought legal challenges for Gills. Regulators and some financial institutions began questioning the legality and ethics of Gill’s actions.
From market manipulation allegations to Class-action Lawsuits — Gill saw his fair share of resistance, as a result of his popularity, and more importantly cult following.
By 2021 the /r/wallstreetbets community fell in love with Keith, and they decided to join in the fun.
Keith only shared his opinion about the stock and posted updates on his position, but every time he posted, the stock would pump. It was his belief in GME that infected the wallstreetbets community and they decided to pump it for the memes.
And when there’s memes, there’s little logic or sense, so most lawsuits didn’t stick.
In February 2021, Keith Gill was called to testify before the U.S. House Financial Services Committee, alongside representatives from Robinhood, Citadel, and other key players involved in the GameStop saga.
During his testimony, Gill defended his actions, emphasizing that he was an individual investor who genuinely believed in GameStop’s potential. He reiterated that his analysis was based on public information and that he had been transparent about his investment positions from the outset.
He went on air and said:
I like the stock. I’m as bullish as I’ve ever been on a potential turnaround for GameStop
I like the stock became the new catchphrase and Keith’s notoriety continued to spread until the stock reached astronomical levels, saving GameStop from bankruptcy in the process, and liquidating greedy billionaires shorting the GameStop stock.
It was one for the Internet Book of History, and it was tremendous. It’s epic to see that the saga continues, and I’m as bullish as I’ve ever been on Roaring Kitty’s Potential to introduce a little anarchy to the market.
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Thank you for reading!
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