GameStop fan 'Roaring Kitty' to tell Congress: 'I like the stock'

By Noel Randewich (Reuters) - 'In short, I like the stock.' That is the key takeaway for Reddit's Wallstreetbets army of retail traders to upcoming testimony to Congress from Gamestop super-bull Keith Patrick Gill. The 34-year-old from Massachusetts who became the Pied Piper in a massive GameStop rally fueled by a Reddit discussion group will tell a Congressional hearing on Thursday that his enthusiasm for the struggling videogame retailer is backed up by his own research

Reuters February 18, 2021 05:05:21 IST
GameStop fan 'Roaring Kitty' to tell Congress: 'I like the stock'

GameStop fan Roaring Kitty to tell Congress I like the stock

By Noel Randewich

(Reuters) - "In short, I like the stock."

That is the key takeaway for Reddit's Wallstreetbets army of retail traders to upcoming testimony to Congress from Gamestop super-bull Keith Patrick Gill.

The 34-year-old from Massachusetts who became the Pied Piper in a massive GameStop rally fueled by a Reddit discussion group will tell a Congressional hearing on Thursday that his enthusiasm for the struggling videogame retailer is backed up by his own research.

Social media platforms including Youtube, where Gill is known as "Roaring Kitty", and Reddit's Wallstreetbets discussion group level the playing field for small investors competing against hedge funds and other institutional investors, Gill said in a copy of his remarks https://docs.house.gov/meetings/BA/BA00/20210218/111207/HHRG-117-BA00-Wstate-GillK-20210218.pdf published by the House Financial Services Committee a day before the scheduled hearing.

The hearing on how Reddit users banded together to squeeze hedge funds betting against GameStop and other companies will feature rare opportunities for U.S. lawmakers to question powerful Wall Street players including top executives from Citadel LLC, Robinhood and Melvin Capital.

Fueled by snowballing enthusiasm on Wallstreetbets, shares of GameStop surged over 1,000% as of their intra-day high during two weeks in late January. The stock has since tumbled, but it remains up over 100% year to date, with many Reddit users still bullish and urging others in the discussion group sitting on painful losses to hold on and not sell.

"If he's holding I'm holding," was one of the top comments to a Reddit post linking to Gill's testimony.

"I'm glad to be bag holding right now with this legendary dude," commented another user.

Gill began sharing his bets with the group in September 2019, posting a portfolio screenshot indicating he had invested $53,000 in GameStop.

By late January, he was up over 4,000% on stock and options investments in the company, with his GameStop position plus cash worth nearly $48 million, according to his Reddit posts.

In his testimony, Gill, says he never attempted to get people to buy GameStop shares for his own profit. He describes himself as the first in his family to earn a four-year college degree, and said he struggled to find work before landing a job in 2019 at an insurance company, where he worked while researching stocks and investing his own money in his free time.

"I’ve been asked why I decided to share my investment ideas on social media. My investment skills had reached a level where I felt sharing them publicly could help others," he said.

(Reporting by Noel Randewich; editing by Megan Davies and David Gregorio)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.