Bloomberg tells me that the average closing price of GameStop Corp. common stock for the first five and change months of this year — Jan. 1 through May 10 — was $13.76. And then on May 12, the X account of Keith Gill — the … GameStop influencer? … known as Roaring Kitty — tweeted a drawing of a guy leaning forward in a chair. This sparked a huge rally in GameStop shares for no particular reason….

GameStop, not being dummies, took the opportunity to launch an at-the-market stock offering on May 17. On Friday, it announced that it had finished the offering, selling 45 million shares for $933.4 million, or roughly $20.74 each. One way to think about it is that, if GameStop had sold those 45 million shares at pre-Roaring Kitty prices, it would have raised about $619.2 million. So Roaring Kitty’s tweets — which, again, were not about GameStop — brought in an extra $314.2 million for GameStop.


I guess I will shrug and point to those questions again? If you were GameStop, how much would you have paid to buy Gill’s X account on May 11? How good a trade would that have been? What sort of trouble would you get in?

Source: GameStop