Around lunchtime on Friday, in a YouTube live stream watched by half a million people, a man wearing a bandana and white sunglasses smiled into his webcam and joked: “I’m about to show it.”
Ah, enough. She was referring to his brokerage account.
Keith Gill, the man better known as Roaring Kitty, who became one of Wall Street’s most unlikely celebrities during the meme stock mania of 2021 before fading from public view, was on screen, and with his characteristic style, mixing beer, comedy and market commentary.
A quick refresher: Three years ago, Gill’s unbridled enthusiasm for GameStop and other companies on social media made him a kind of rabbi for thousands of day traders stuck at home during the pandemic: people who bought a bunch of stocks and pushed stock prices. at nosebleed levels. These traders’ use of internet memes and social platforms like Reddit to trade stock tips ushered in a new class of investors.
Gill, 37, whose renown was such that he testified before Congress and inspired a movie, “Dumb Money,” had been out of the spotlight for the better part of three years after coming under some regulatory scrutiny. He rose to prominence again last month by posting a cryptic illustration on X that many took as a sign that he had returned to day trading.
That post was followed by more cryptic messages on social media and the leak on Reddit of a screenshot showing Gill had more than $100 million in stocks and options betting on GameStop. His stock immediately skyrocketed: “to the moon,” in meme terms. The video game retailer took the opportunity to sell new shares, raising more than $900 million.
Anticipation was therefore high when Mr. Gill’s dormant YouTube account on Thursday posted the announcement that he would host a midday stream the following day. CNBC put talking heads on the air to speculate on what he might say. The Wall Street Journal created a live blog.
And then the unexpected happened. On Friday morning, GameStop released a ahead-of-schedule earnings report that revealed disappointing sales and a surprise plan to sell even more shares publicly. His shares plummeted.
By midday, when Gill’s livestream was expected to begin, GameStop shares had fallen more than 30 percent. It wasn’t until about 12:30 when, after a preamble of rock Muzak, Mr Gill’s camera was turned on.
Wearing his trademark headscarf, Gill also sported a fake sling, sitting in front of a projection of Gamestop’s falling share price, while the sound of a heart monitor played in the background.
“I’m fine?” he said. “That was close.”
Mr. Gill immediately began his specific brand of comedy: “Hey, there are crazy people here,” he marveled at the 650,000 spectators present. He joked that he wasn’t Paul Dano, the actor who played him on the big screen. He drank a beer.
A few minutes later, Gill went on to talk about GameStop, congratulating its management team and saying he saw potential for its stock. Apparently that wasn’t what everyone had tuned in to see, because the company’s stock continued to languish while he spoke.
“Oh no, I’m causing it to go down,” Mr. Gill said at one point. More than 100,000 fans disconnected from the broadcast.
About half an hour into the show, Mr. Gill unveiled the big reveal. He changed his screen projection of GameStop stock to an image he identified as E-Trade’s personal account, revealing what appeared to be his large bets on its stock.
The image showed holdings of about $350 million, a significant amount, although it could have been much more; On Friday alone, Gill lost $235 million.
There wasn’t much more to say after that. Gill, known for streaming for hours during the pandemic, logged off on Friday after 48 minutes.
“It was a lot of nonsense for little substance,” said Lorne Bycoff, an investor in New York.
GameStop shares closed down 39 percent on the day, about $22 per share, lower than when Gill began speaking.
kitty bennett contributed to the research.