To The Moon

Shares for the movie theater company and for the video game retailer fell 21% and 27%, respectively, as of Wednesday afternoon following a revival of meme stock mania that had sent shares of both companies skyrocketing in recent days. Another meme stock, Blackberry, fell 9% on Wednesday. This is amid all-time highs for the market.The leader of the 2021 meme stock frenzy, day trader Keith Gill, known as Roaring Kitty on X and DeepF—ingValue on Reddit, returned to social media on Sunday after a multi-year hiatus. On Monday, Gill’s favorite trade, GameStop, started to climb and reached a peak of $64.83 on Tuesday, up from an intraday high of $20.20 on Friday.“Buy $AMC & $GME, these companies deemed “meme stocks” target the very worst market fraudsters the world has to offer,” one trader wrote on X.

Keith Gill, whose bullish analysis of the video-game retailer GameStop on Reddit during the pandemic created a national phenomenon, made his first social media post on the X service in three years, in a cryptic post meant to show he was paying attention."My god it's him, he's really back," said one user on Reddit's GameStop message board. "To give a hedgefund bitch a heart attack. To make a million apes insomniac. It's the guy... who's not a cat ;-)". Gill famously declared he was not a cat, in testimony to the House Financial Services Committee, which examined the wild volatility in the stock.GameStop shares rose as high as $483 in the heady days of 2021, as chronicled in the movie Dumb Money, but have lost most of their meme allure. Yet the stock has been hurtling higher over the last month, rising nearly 70% from its April lows.Like last time, it seems like investors are betting against those who are shorting the stock. The short percentage of GameStop shares outstanding is 21%, ac