Benzinga - by Chris Katje, Benzinga Staff Writer.
In his first YouTube livestream in three years, Roaring Kitty (aka Keith Gill) shared an update Friday to his thesis on GameStop Corporation (NYSE:GME), in which he is massively invested.
What Happened: Gill said the reason he is investing more in GameStop stock is the second part of his thesis from three years ago: the company’s transformation stage.
Gill praised GameStop CEO Ryan Cohen and said investors should be focused on Cohen’s ability to turn the company around.
"It becomes a bet on the management."
Gill said GameStop finds itself in a "unique situation," with people rooting for the company and a strong base of non-institutional investors.
"If I have a feeling, I act on it," he said.
The investor said he sees a strong long term for GameStop but reminded investors there are risks to the stock.
"It's another YOLO again."
Gill said his recent position in GameStop stock and options is his and his alone.
"These are my positions. I'm not working with anyone else."
Showing a portfolio update on screen during the livestream, Gill said what was shown during the livestream are his only positions. The portfolio showed the E*Trade logo, which is a unit of Morgan Stanley (NYSE:MS).
Gill said he could hide the logo and that he reads the headlines, a potential reference to reports that Morgan Stanley is considering banning his account.
Related Link: EXCLUSIVE: GameStop Stock In Spotlight With Roaring Kitty’s YouTube Return, 75% Of Investors Say Shares Will Trade Above This Price After Stream
Why It's Important: With over 600,000 people watching, Gill's return to YouTube was highly anticipated and drove high volatility in GameStop shares.
The stock was halted several times ahead of the stream — for which Gill was 26 minutes late — and halted multiple times during the livestream.
Gill shouted out his friends and family during the livestream and also read some comments and shared appreciation for his old followers on YouTube and new followers on X.
"You post a couple of memes and everyone loses their minds," Gill said of the memes and videos shared on X.
Gill said he worked awhile on the memes.
"I hope you enjoyed some of those memes."
GameStop fell during the livestream, which saw Gill joke that maybe he should end the stream or pick a different day.
Gill ended the stream around 1 p.m.
“Cheers to y’all for now. Thanks for coming by.”
Around 500,000 people were watching when Gill ended the livestream.
Barstool Sports founder Dave Portnoy, who is also an investor in GameStop, said he was disappointed in Gill's YouTube return.
"The Roaring Kitty live stream is kinda disappointing. Not gonna lie," Portnoy tweeted.
GME Price Action: GameStop shares are down 41% to $27.65 on Friday versus a 52-week trading range of $9.95 to $64.83.
Read Next: Who Is Roaring Kitty? Why Does His Return To Social Media Matter For GameStop Stock?
Photo via Shutterstock.
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