BusinessPostCorner.com
No Result
View All Result
Wednesday, May 28, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

GameStop raises over $2bn after Roaring Kitty rally

June 12, 2024
in Business
Reading Time: 2 mins read
A A
0
GameStop raises over bn after Roaring Kitty rally
ShareShareShareShareShare

US video game retailer GameStop says it has raised more than $2bn (£1.57bn) in its second sale in a month after a rally led by the investment influencer Keith Gill, known as Roaring Kitty.

The announcement comes just days after Mr Gill’s first YouTube livestream in three years.

The company’s shares jumped by almost 23% on Tuesday and have doubled in the last six months.

GameStop’s popularity among retail investors during the pandemic helped coin the idea of meme stocks – those that gain popularity through sites like Reddit.

Stocks that often became popular were ones that had been heavily bet against by professional investors, such as hedge funds.

As a result some of these shares saw their prices rise and fall sharply in hugely volatile trade.

In an announcement to the New York Stock Exchange on Tuesday, external, the company said it had sold all 75 million shares it had offered to investors, raising $2.137bn.

Over the last month, the firm has raised a total of more than $3bn through share sales as its stock market value jumped.

That includes $933.4m GameStop raised by selling 45 million shares last month.

Shares in the firm earlier this month after a screenshot was shared on 2 June by a Reddit account tied to Mr Gill, claiming he owned 5 million GameStop shares – a holding worth more than $100m.

Mr Gill became famous in 2021 for inspiring an army of online investors to back GameStop.

It led to an unexpected surge in the struggling firm’s shares, creating a financial squeeze on professional Wall Street firms that had bet against the retailer.

A post from that year showed Mr Gill held about 200,000 shares, worth $30.9m.

Other so-called meme stocks, including cinema chain AMC and technology firm Blackberry, also saw their shares prices jump during the pandemic.

GameStop is currently trading at around $30 a share, well below the record high of $48 they reached earlier in June.

Credit: Source link

ShareTweetSendPinShare
Previous Post

In the blogs: Subtle yet significant 

Next Post

Elon Musk unexpectedly drops legal action against OpenAI

Next Post
Elon Musk unexpectedly drops legal action against OpenAI

Elon Musk unexpectedly drops legal action against OpenAI

10 holiday marketing campaign examples + marketing tips

10 holiday marketing campaign examples + marketing tips

May 26, 2025
In the blogs: Beautiful noise

In the blogs: Beautiful noise

May 27, 2025
Brazil’s Méliuz Announces Plans to Buy Another .5M Worth of Bitcoin

Brazil’s Méliuz Announces Plans to Buy Another $26.5M Worth of Bitcoin

May 21, 2025
Is Pi Network About to Miss the Bull Run? Insider Selling Raises Major Red Flags (Pi Network Price Prediction)

Is Pi Network About to Miss the Bull Run? Insider Selling Raises Major Red Flags (Pi Network Price Prediction)

May 23, 2025
Germany’s Merz backs Ukraine’s long-range missile strikes on Russia

Germany’s Merz backs Ukraine’s long-range missile strikes on Russia

May 26, 2025
Big Food’s Big Tobacco moment: Arianna Huffington

Big Food’s Big Tobacco moment: Arianna Huffington

May 21, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Brazil sues China carmaker BYD over ‘slave-like’ conditions

Brazil sues China carmaker BYD over ‘slave-like’ conditions

May 28, 2025
‘Boil the ocean’ vs. ‘fry the fish’: How smaller countries can carve an AI niche between the superpowers

‘Boil the ocean’ vs. ‘fry the fish’: How smaller countries can carve an AI niche between the superpowers

May 28, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!