Discordant Views: Some investors just don’t see how the Federal Reserve can lower inflation without risking high unemployment.Our Coverage of the Investment World The decline of the stock and bond markets this year has been painful, and it remains difficult to predict what is in store for the future. GameStop, which traded at $4 a year ago, closed on Friday at $325. (His holdings could not be independently verified.) The post was “upvoted” - the equivalent of being liked - more than 140,000 times by other users. Gill posted a picture on Reddit that showed his $53,000 bet on GameStop had soared in value to $48 million. It has also made some in this new generation wildly wealthy. Their show of force this week underlines how the financial markets have changed by merging with the world of social media and a younger generation of traders who have been empowered by online platforms. Gill’s videos, delving into the company’s financial filings and arcane details about free-cash flow and video game consoles. Many were so devoted to their GameStop investment that they spent hours each week chatting in the comments section of Mr. Gill and his fans socialized on Reddit and YouTube and used no-fee online trading platforms like Robinhood and WeBull. Working far from well-heeled financial offices, Mr. Inspired by him and a small crew of individual investors who gathered around him, hordes of young online traders took GameStop’s stock on a wild ride, pitting themselves against sophisticated hedge funds and upending Wall Street’s norms in the process. Roaring Kitty - who is Keith Gill, 34, a former financial educator for an insurance firm in Massachusetts - has now become a central figure in this week’s stock market frenzy. “IF HE IS IN WE ARE IN💎💎💎,” one user wrote on a Reddit board called WallStreetBets on Tuesday. Other Reddit users with monikers like Ackilles and Bowlerguy92 began following his every move and piling into GameStop. He also started livestreaming his financial ideas. Over the next year, he began tweeting frequently about GameStop and making YouTube and TikTok videos about his investment. “This dude should sell now,” a Reddit user named cmcewen wrote at the time.īut Roaring Kitty was not deterred. The post attracted little attention, except from a few people who mocked the bet on the struggling company.
In mid-2019, a Reddit user - known as “Roaring Kitty” on some social media accounts - posted a picture on an online forum depicting a single $53,000 investment in the video-game retailer GameStop.
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