{"id":229471,"date":"2024-06-07T14:34:55","date_gmt":"2024-06-07T14:34:55","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/06\/07\/roaring-kitty-was-poised-to-become-a-billionaire-but-gamestop-threw-a-monkey-wrench-in-the-plan\/"},"modified":"2025-06-25T17:17:38","modified_gmt":"2025-06-25T17:17:38","slug":"roaring-kitty-was-poised-to-become-a-billionaire-but-gamestop-threw-a-monkey-wrench-in-the-plan","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/06\/07\/roaring-kitty-was-poised-to-become-a-billionaire-but-gamestop-threw-a-monkey-wrench-in-the-plan\/","title":{"rendered":"Roaring Kitty was poised to become a billionaire but GameStop threw a monkey wrench in the plan"},"content":{"rendered":"

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Keith Gill, aka investor influencer Roaring Kitty, planned a spectacular livestream to celebrate becoming a freshly minted GameStop<\/a> billionaire in real time with his fans. That came crashing down on Friday after the company announced plans to issue new stock.\u00a0<\/p>\n

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The brick-and-mortar retailer specializing in selling physical copies of console video games said in a surprise regulatory filing shortly before trading began that it would unload up to 75 million shares onto investors, cutting short an anticipated market rally in the title.<\/p>\n

\u201cWe intend to invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities,\u201d the\u00a0prospectus<\/a>\u00a0stated.<\/p>\n

For Gill, the spur-of-the-moment stock sale wiped out earlier pre-market gains leaving it down 15% in pre-market trading.<\/p>\n

Instead of hitting the $65-plus threshold likely needed for the value of his stock and options in the company to approach the ten-digit mark, the meme stock fluctuated wildly around the $42 mark.<\/p>\n

As a result of the share issue, GameStop also\u00a0pre-announced results for the first quarter<\/a>, originally scheduled for Tuesday, showing its net loss narrowing to $32 million from nearly $51 million in the previous year\u2019s period.\u00a0<\/p>\n

The company did not appear to appreciate becoming a speculative ball of yarn for the faux feline, warning its shares have \u201cexperienced extreme volatility\u201d both in price and trading volume \u201cthat do not appear to be based on the underlying fundamental of our business.\u201d<\/p>\n

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