Who is YouTuber Roaring Kitty? Financial guru sends GameStop stock soaring as he drains billions from hedge funds
Roaring Kitty paid around $56,000 to build a stake of 50,000 shares through normal purchases and other options, which are now worth $16 million
WallStreetBets, a Reddit subgroup behind the massive surge of GameStop shares had its servers banned on chat app Discord on Wednesday, January 27, after sending shares of GameStop up by 1,700 percent in just four weeks. GameStop, a company that runs a struggling chain of video game retail stores, had its shares go up by another 130 percent on the same day with the help of a campaign led by a YouTuber and finance guru known as Roaring Kitty.
The campaign on Reddit, besides increasing GameStop's shares, has led to the company's three large individual investors gaining over $3 billion in net worth during the stock's staggering rally reports Daily Mail. Hedge funds Citron and Melvin Capital are speculated to have lost billions as GameStop witnessed a surge in its shares for a company that was considered on terminal decline.
Who is Roaring Kitty?
Roaring Kitty, whose real name is not revealed, is a YouTuber, who offers tips and suggestions with regard to hunting stocks and pouncing on investment properties. He's been one of the faces behind GameStop's skyrocketing shares. The campaign led by him on Reddit is not just rattling Wall Street but has also cost hedge funds billions.
According to Celebrity Net Worth, Roaring Kitty paid around $56,000 to build a stake of 50,000 shares through normal purchases and other options, which are now worth $16 million.
How many followers does he have?
Roaring Kitty's strategies to pit small investors against massive hedge funds have gained him an impressive number of followers on social media. While he has over 16,000 followers on Twitter, he enjoys around 57,000 subscribers on his official YouTube channel.
Roaring Kitty also has an account on StockTwits, a social media platform designed for sharing ideas between investors, traders, and entrepreneurs. His page mostly displays memes related to the stock market.
Why was WallStreetBets removed from Discord?
The Reddit campaign WallStreetBets, which has Roaring Kitty as one of its key cheerleaders, was removed from Discord for its "hateful and discriminatory content."
The statement read, "To be clear, we did not ban this server due to financial fraud related to GameStop or other stocks. Discord welcomes a broad variety of personal finance discussions, from investment clubs and day traders to college students and professional financial advisors. We are monitoring this situation and in the event there are allegations of illegal activities, we will cooperate with authorities as appropriate."
Twitter hails him as a hero
It seems Roaring Kitty's contribution in kickstarting Gamestop's shares has impressed many, even though the experts have warned against its impact on the stock market. People on Twitter have hailed him as a "hero" for making a quick buck.
One social media user tweeted, "I look forward to Roaring Kitty's book, and the movie that will inevitably be made about this. #dfv #WSB #gamestop #GME" Another added, "Roaring Kitty is a hero!" One tweeted, "Looks like the rich doesn’t like their rigged system to be used against them. Don't give up! #roaringkitty #wallstreetbets #unity $AMC $GME $NOK $KODK" One tweeted, "roaringkitty is a fucking legend"
Roaring Kitty is a hero! pic.twitter.com/06K1Ko0HfT— Jordan St-Pierre (@JordanStPierre3) January 28, 2021
roaringkitty is a fucking legend— Josh Warner (@jwarnedya1) January 27, 2021