The stock price of GameStop (GME) has been on a downward trend as Keith Gill, also known as Roaring Kitty, DeepFuckingValue, continues to step back from the spotlight. Over the past month, the stock has dropped by 3%, with the price currently at $23.00. This is a significant change from a few weeks ago when GME reached a high of $46.55 after Gill announced his $600 million position in the company. However, the stock price did not reach the $65 mark that would have made his holdings worth $1 billion.
The decline in GameStop’s stock price can be attributed to a variety of factors, including a disappointing quarterly report from the company and mixed reviews of Gill’s first livestream in three years. Despite Gill’s attempt to make light of the situation with memes, the stock price failed to regain momentum. Gill did exercise some of his GME options, increasing his shareholding from 5 million to over 9 million, valued at $206 million currently. However, he has not provided any further disclosures on Reddit and has been inactive on Twitter for over a week.
Rumors had been circulating that Gill would be appointed to GameStop’s board, but these hopes were dashed when the shareholders’ meeting passed without any mention of him. Meme stocks like GME rely on continuous promotion from influencers and online communities to maintain their value. The price of GME tends to spike when Gill becomes active on social media and then drops off when he retreats from the spotlight. Investors are keen to see if Gill will make a comeback in July and influence the stock price once again.
As the future of GameStop’s stock price remains uncertain, investors are closely monitoring Gill’s next moves to determine the direction of the company. With the stock currently on a downward trajectory, it will be interesting to see if Gill can recreate the excitement that drove the stock price up in the past. The volatile nature of meme stocks like GME makes them a risky investment, but for those willing to take a chance, the potential for significant gains is always present. Only time will tell if GameStop’s stock price will continue to fluctuate or stabilize in the coming months.
