‘I’ll ride with you’
Kennedy’s message seems to have struck a chord with X users. His post has received 4 million views, 20,000 likes and over 3,000 comments.
While many are enthusiastic about GameStop’s resurgence, it is important to remember that it remains a volatile stock.
GameStop stock closed at $17.46 on Friday, May 10. On the evening of May 12, Gill posted a meme on X after a three-year hiatus on social media. This sparked a surge in GameStop’s share price the next two days, closing at $48.75 on Tuesday, marking a remarkable gain of 179%.
However, the stock has since pared most of those gains and is currently trading around $20. At the end of last week, the company revealed it had sold 45 million shares and made nearly $933.4 million as part of an “at-the-market” equity offering program disclosed earlier in the month.
This sent shares higher in extended trading.
Kennedy has expressed his intention to endure the volatility.
“I ride with you and I’m not leaving,” he wrote.
While aligning with retail investors participating in the meme stock frenzy, Kennedy is challenging Wall Street’s long-standing dominance in the investing world.
“I’m very aware of what the average retail investor has been saying about the need for greater transparency in our markets, stronger regulatory oversight and tougher penalties for market manipulation and criminal behavior,” he wrote. “My administration will support the Ape retail rebellion and enact aggressive Wall Street reforms.”
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