Watch Roaring Kitty Live:
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Update (1259ET):
To sum up the bizarre broadcast: Roaring Kitty is betting on GameStop CEO Ryan Cohen's turnaround with options that expire in two weeks.
... actually agree with Ross Gerber for once.
GameStop now plunging 40% today. At some point people will realize they are getting worked over by GameStop/Ryan Cohen. This pump has allowed $GME to dump 120 mil shares on the public. No question they wouldn’t have been able to do this without the Kitty. 🐈⬛
— Ross Gerber (@GerberKawasaki) June 7, 2024
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Update (1259ET):
Roaring Kitty reveals positions.
Oof.
https://t.co/oDjOWkACzi pic.twitter.com/z1xELpVYWN
— zerohedge (@zerohedge) June 7, 2024
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Update (1251ET):
Here's a great take.
It’s fine to “bet on management” but why would pay a premium for that? Every investment is a bet on management…
— Martin Shkreli (e/acc) (@MartinShkreli) June 7, 2024
And that is a very good question.
Good question
— Martin Shkreli (e/acc) (@MartinShkreli) June 7, 2024See AlsoRight-Wing Tsunami: France "Stunned" After Macron Announces Snap Elections Following Crushing Defeat In European Parliament VoteMay Payrolls Soar 272K, Above Highest Estimate, As Wages Come In Red HotThe OPEX Effect – PodcastEuropean assets hit by EU election results, USD continues post-NFP gains - Newsquawk US Market Open
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Update (1241ET):
Roaring Kitty stated that he is actively managing his accounts and is not working with hedge funds. He clarified that he is not an institutional investor and that all trades are his own.
Dave chimes in...
The Roaring Kitty live stream is kinda disappointing. Not gonna lie.
— Dave Portnoy (@stoolpresidente) June 7, 2024
Shares are LOD-ing.
And this.
that's it https://t.co/TfEMc0p2rl
— zerohedge (@zerohedge) June 7, 2024
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Update (1233ET):
No inspiring GME investment thesis has so far been given minutes into the broadcast.
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Update (1229ET):
He's live.
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Update (1225ET):
GME hits the low of the day afterRoaring Kitty is 25 minutes late to his own party.
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Update (1215ET):
Roaring Kitty is 15 minutes late to his own party.
The Internet is asking questions...
LoL...
The livestream comments are hilarious. People think he was arrested. 😂
— Autism Capital 🧩 (@AutismCapital) June 7, 2024
A lot of interest on Google searches.
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Update (1205ET):
Still waiting onRoaring Kitty to speak at 1205 ET. There's nearly half a million people tuning in.
LoL...
There are more people on this webcast than voted for Jeo Boden
— zerohedge (@zerohedge) June 7, 2024
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Update (1157ET):
Roaring Kitty will have some serious explaining regarding his investment thesis in GameStop during the 1200 ET live-streaming event on YouTube.
'Meme' stock trader Keith Gill's (aka Roaring Kitty) latest pump was situated around GMECEO Ryan Cohen announcing another at-market equity offering (impeccable timing) - set to dump tens of millions of shares on Reddit momentum traders. Also,first-quarter earnings were messy, withsharp revenue declines in the first quarter.
Again, what's the thesis here?
Meanwhile, GME shares have nearly been halved from the premarket highs following GME's at-market equity offering announcement and dismal earnings report.
Ahead of the live-streaming event, over 200,000 people are tuning in to hear Roaring Kitty speak.
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Redditors and momentum chasers are being led into a burning building by 'meme' stock trader Keith Gill's (aka Roaring Kitty) on the latest pump asGameStop shares erase overnight gains following the announcement of sharp revenue declines in the first quarter and an"at-the-market offering" program to sell more shares.
— zerohedge (@zerohedge) June 7, 2024The grift continues:
*GAMESTOP MAY SELL UP TO 75M SHARES OF CLASS A STOCK
Let's begin by describing the source of the latest pump.Roaring Kitty's YouTube live event,slated for 1200ET, was announced on Thursday afternoon, which sent shares doubling from around $26 in cash session to as high as $66 in after-hours trading.
In premarket trading, shares were above the $60 handle, then crashed 40% to around $38 following the news that GME filed anat-the-market offering to sell 75 million shares of the company's Class A common stock.
Jefferies is the 'Sales Agent' on the deal.
Earlier, GME reportedfirst-quarter results showing net sales of881.80 million, down from $1.237 billion year over year. Net sales missed Wall Street'sconsensus estimate of $995.30 million.
GME also reported an EPS loss of 12 cents, missing the average estimate of 9 cents.According to Reuters, this misshighlights customers' shift to online video games and collectibles, while the retailer continued to rely on its brick-and-mortar stores.
Just weeks ago, during another pump by Gill,GME announcedit sold 45 million shares of common stock for about $933.4 million. CEO Ryan Cohen is effectively using Gill's pumps to dump millions of shares into mom-and-pop retail, chasing momentum.
momentum chasers are literally giving their money to Ryan Cohen
— zerohedge (@zerohedge) June 7, 2024
At 1200 ET, Gill will have to re-explain his investment thesis in GME, as first-quarter earnings show a sharp decline, and Cohen is dumping endless shares.
Meanwhile, reports suggest thatETrade might take action against Gill,and at least one securities regulator is currently investigating him for potential stock manipulation.
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