Meme stock magic is back, and the world has taken notice: GameStop’s stock saw an explosive nearly 60% jump on Tuesday, adding to a staggering 74% surge on Monday. GME now sits at $48.75, up an eye-popping 180% from Friday’s close of $17.39. AMC isn't far behind, with its stock soaring about 30% after peaking at a 120% gain earlier in the day. Needless to say, this has captured the attention of degens everywhere.
It all started when Roaring Kitty, who played a pivotal role in the original GME short-squeeze, made his return with a post on Twitter... of this meme GameStop tweeted back February:
With the move made over the past two days, short sellers are once again feeling the heat. According to S3 Partners, GameStop shorts faced losses well over $1 billion after just two days of trading.
AMC took the opportunity to capitalize on the move by issuing 72.5 million new shares and raking in approximately $250 million. Is there a chance this is more than just a coincidence? Who can say. What we do know is the situation appears to be mirroring 2021 -- all the way down to multiple trading halts and 'mysterious' technical issues facing brokers and preventing access to the markets.
And all it took was one post.
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