GameStop shares jumped more than 72% on Monday after trader Keith Gill, known online as 'Roaring Kitty,' resurfaced four years after he led an investment frenzy involving the video game retailer.Gill is a former financial analyst at MassMutual who in late 2020 encouraged amateur retail investors to buy GameStop shares during the meme stock craze. He did this by posting on Reddit discussion boards and creating videos on YouTube about the strategy, gaining a large following in the process.
GameStop did not immediately respond to a request for comment from CBS MoneyWatch Monday. GameStop was one of four struggling companies, including AMC, Bed Bath & Beyond and Blackberry, that retail investors on Reddit financially adopted during the pandemic, in a dual effort to keep the lights on at those companies as well as to put a 'short squeeze' on hedge funds that bet against their long-term success.
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