GameStop's stock price skyrocketed 7.37% in pre-market trading on Thursday, following a cryptic tweet from Keith Gill, better known as "Roaring Kitty," the influential trader who played a pivotal role in the 2021 meme stock frenzy that drove GameStop's shares to unprecedented heights.
After a prolonged absence from social media, Gill resurfaced on Christmas Day with a tweet featuring a neatly wrapped gift, reigniting interest among his loyal followers and triggering a pre-market rally in GameStop's stock price. While the message itself was vague, it was enough to fuel speculation and reignite the meme stock frenzy surrounding the video game retailer.
GameStop's shares have been on a rollercoaster ride since the 2021 short squeeze, as retail investors banded together to challenge Wall Street's short-sellers. Despite the company's struggles to reinvent itself in the face of intense competition from online gaming platforms, it remains a favorite among meme stock enthusiasts who continue to trade the stock based on social media trends and chatter.
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