GameStop mania unfolded: Key milestones in meme stock frenzy
Send a link to a friend
[June 05, 2024] (Reuters)
- GameStop is back in the limelight after a hiatus of three years with
the return of social media influencer "Roaring Kitty" Keith Gill, a key
figure in the Reddit-driven "meme stock" rally of 2021.
Here is a timeline of the key developments for the struggling video game
retailer:
July 27, 2020- "Roaring Kitty" starts posting YouTube videos and posts
on the Reddit forum, WallStreetBets, under "DeepF***ingValue" on
GameStop. Gill noted he sees value in the highly shorted stock that he
had been investing in the early stages of the pandemic.
Dec 8- GameStop misses Wall Street estimates for quarterly revenue as
pandemic-led store closures and intense competition from digital-game
sellers hit sales, driving its shares sharply lower.
Jan 11, 2021- The struggling videogame retailer appoints Ryan Cohen, now
the company's CEO and founder of Chewy, and two other e-commerce
veterans to its board as it doubles down on digital sales during the
COVID-19 era.
Jan 19- Short-seller Citron Research takes aim.
Jan 20- Citron delays negative report.
Jan 26- Top short-seller Andrew Left reiterates that GameStop is a dying
business whose stock price will fall sharply some day.
![](http://archives.lincolndailynews.com/2024/Jun/05/images/ads/current/peasley_sda_PROMGRAD_2024.png)
Jan 27- Hedge fund Melvin Capital closes out its short position, Citron
covers majority of its short positions.
Jan 27- The White House and Treasury Department are monitoring the
situation involving GameStop and other companies that have seen sharp
gains.
Jan 28- Online brokerages restricted purchases of GameStop and other
red-hot stocks. Robinhood restricted trade in about 13 highly volatile
stocks such as GameStop and AMC.
Feb 3- The U.S. Securities and Exchange Commission is reviewing social
media posts for signs of potential fraud behind the GameStop euphoria.
[to top of second column] |
![](../images/060524PIX/busine61.jpg)
A GameStop store is seen in the Jackson Heights neighborhood of New
York City, New York, U.S. January 27, 2021. REUTERS/Nick Zieminski
![](http://archives.lincolndailynews.com/2024/Jun/05/images/ads/current/graue_lda_preowned_051324.jpg)
Feb 10- Massachusetts securities regulators issued a subpoena
seeking the testimony of Massachusetts financial adviser Gill.
Feb 17- "Roaring Kitty" hit with lawsuit for violating securities
laws.
Feb 18- U.S. House panel holds hearing titled: "Game Stopped? Who
Wins and Loses When Short Sellers, Social Media, and Retail
Investors Collide".
FASTRACKING TO THE 2024 MEME STOCK FRENZY
May 13- Gill posts cryptic memes and movie clips on X.com after a
three-year hiatus, triggering an over two-fold rally in GameStop
shares in just two days.
May 17- GameStop slumped 20% after laying out plans to sell up to 45
million shares, taking advantage of the meme-stocks euphoria.
May 24- GameStop said it raised $933.4 million via a share sale
program.
June 2- "Roaring Kitty" comes back to Reddit with a post showing a
$116 million bet on the embattled videogame retailer.
June 3- E*Trade considering telling Gill he can no longer use its
platform due to his recent GameStop purchases, the Wall Street
Journal reports.
(Reporting by Ankika Biswas in Bengaluru; Editing by Maju Samuel)
[© 2024 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
![](http://archives.lincolndailynews.com/2024/Jun/05/images/ads/current/werth_sda_PROMGRAD_2024.png) |