GameStop tumbles 40% as 'Roaring Kitty' trader says little new about retailer on livestream

Keith Gill, better known as "Roaring Kitty" on X and YouTube and as "Deep-------Value" on Reddit, hosted his first livestream since the meme stock craze that took place three years ago.

Gill said he believes in the video game retailer's reinvention under CEO Ryan Cohen, reiterating his previous investing thesis and offering little new reasoning behind his large stake. He also revealed that he didn't have any institutional backers and the GameStop positions he had shared in screenshots were his only bets.

Shares of GameStop were halted multiple times during his stream. The stock was last down nearly 40% on the day as investors responded to the company's earlier announcement that sales dropped significantly in the first quarter and that it was selling more stock.

Read a recap of the livestream below:

GameStop was down by 40% near session lows around $28 apiece, but the stock is still in the money for Gill to exercise his call options. He has 120,000 call options against GameStop with a strike price of $20 that expires June 21.

The notional value, if exercised, would be $240 million worth of stock bought at $20. That means Gill needs to have $240 million to take custody of the stock after exercising the calls,

— Yun Li

Roaring Kitty ended his livestream after about 50 minutes. Trading in GameStop was halted multiple times during the stream.

"Cheers y'all. I'll see y'all around," Gill said.

— Yun Li

As the livestream ended, GameStop shares were down more than 40%.

If that holds through the session close, it would mark the stock's biggest one-day loss since Feb. 4, 2021, when shares tumbled more than 42%. It would also be GameStop's fourth worst day in history.

— Alex Harring

Roaring Kitty's livestream sent other meme stocks lower