World Stock Watch

Meme Stock Maverick Strikes Again

Keith Gill, the mastermind behind the notorious “Reddit rally,” has sent shockwaves through the market once more. The enigmatic influencer, known for his bold bets and online personas “Roaring Kitty” and “DeepF*ingValue,” has sparked a frenzy among investors with a cryptic social media post.

The Trigger

Gill’s latest move was a simple yet effective one: a picture of a Time magazine cover with a computer screen shared on social media platform X. The post was enough to send GameStop’s shares soaring, with the stock surging 13% in late afternoon trading.

A Familiar Pattern

This isn’t the first time Gill has made waves in the market. In January 2021, his bullish bets on GameStop sparked a trading frenzy among mom-and-pop investors, causing the stock to skyrocket 1,600%. The so-called “Reddit rally” left hedge funds reeling, with losses totaling billions.

Market Mayhem

The aftermath of Gill’s post has been chaotic, with over 300,000 GameStop options contracts changing hands by 2:14 p.m. – about 1.5 times the usual pace. The stock’s 30-day implied volatility has jumped to a three-week high of 132%, up from 93% in the previous session.

The Bets Are On

Contracts betting on the shares finishing above $30 by Friday are the most actively traded options, with over 32,000 traded by late afternoon. It’s clear that investors are eager to ride the wave of Gill’s influence.

A Social Media Phenomenon

Gill’s return to social media earlier in 2024 was met with excitement from his followers, who see him as a hero who took on Wall Street’s giants and won. His posts on WallStreetBets subreddit have inspired a loyal following, and his influence extends far beyond the world of finance.

A Hollywood Inspiration

The meme stock rally of 2021 even inspired a movie, “Dumb Money,” directed by Craig Gillespie and released in 2023. The film tells the story of the David-and-Goliath battle between retail investors and hedge funds.

The Legacy Continues

As Gill continues to shape the market with his online presence, one thing is clear: his influence is far from over. With his latest move, he’s proven once again that he’s a force to be reckoned with in the world of finance.