Roaring Kitty, the investor whose Reddit posts helped spark a 1,022% spike in GameStop, instructed Congress he is nonetheless bullish on the inventory

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GameStop millionaire Roaring Kitty
GameStop millionaire Roaring Kitty

  • Keith Gill, also called RoaringKitty on Twitter and YouTube, continues to be bullish on GameStop inventory, even after its current volatility.
  • That is in keeping with ready opening remarks Gill is ready to ship to Congress throughout his testimony on Thursday.
  • “GameStop’s inventory value might have gotten a bit forward of itself final month, however I am as bullish as I’ve ever been on a possible turnaround,” Gill mentioned.
  • Signal up right here for our each day publication, 10 Issues Earlier than the Opening Bell.

Keith Gill – in any other case recognized on Twitter and YouTube as Roaring Kitty – is ready to testify in entrance of Congress on Thursday concerning the GameStop short-squeeze he helped spark. His opening assertion was launched on Wednesday.

Within the ready feedback, Gill says he’s nonetheless bullish on GameStop inventory, regardless of its epic January rally that resulted in a one-week value surge of 1,022% and subsequent 90% decline. 

“GameStop’s inventory value might have gotten a bit forward of itself final month, however I am as bullish as I’ve ever been on a possible turnaround,” Gill mentioned. 

He first invested $53,000 in GameStop inventory and choices in June 2019 and documented his “YOLO” funding in Reddit’s WallStreetBets discussion board. 

Gill gained a cult-like following as his place updates on Reddit confirmed his funding swelling in worth in late 2020 and early 2021. At it is peak on January 28, his GameStop place was briefly price $48 million. 

On Wednesday, Gill was named in a proposed class motion lawsuit in Massachusetts. The lawsuit alleged that he misrepresented himself as an beginner investor when in actuality he was a licensed securities skilled. The go well with additionally alleged that Gill profited from GameStop’s rise by artificially inflating the value of the inventory.

However in his ready remarks, Gill makes clear that in his most up-to-date job as MassMutual, he by no means offered securities nor was a monetary advisor, and all of his posts on social media have been totally on his personal.

“I didn’t solicit anybody to purchase or promote the inventory for my very own revenue. I didn’t belong to any teams making an attempt to create actions within the inventory value. I by no means had a monetary relationship with any hedge fund. I had no details about GameStop besides what was public,” Gill mentioned. 

He summed up his present ideas on GameStop with a battle-cry that has develop into fashionable with 9.1 million members of WallStreetBets: “In brief, I just like the inventory.”

Shares of GameStop traded down 7% on Wednesday, and shares are down roughly 90% from their January 28 intra-day peak of $483.

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