GME Stock News: GameStop Corp squeezes higher as Roaring Kitty makes his return

NYSE:GME added 12.17% on Tuesday, as the meme squeeze continued into June.
Famed Redditor Roaring Kitty made his return to social media today, and the Reddit Apes rallied.
AMC investor Mudrick sells its entire stake in the company at the inflated stock price.

NYSE:GME has continued its recent surge into June, as the lead meme stock and its investors rallied around the return of a familiar figure in the short squeeze saga. On Tuesday, GameStop added a further 12.17% to hit a staggering $249.02 at the closing bell, and shares continued to rise in after hours trading. GameStop and AMC (NYSE:AMC) have hit orbit once again over the past couple of weeks as the search continues for the Mother of All Short Squeezes or MOASS, and Redditors are not letting up even as short sellers are down billions of dollars.

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Like a scene out of a dramatic movie, Tuesday saw the return of lead Redditor Roaring Kitty, who had been absent from all forms of social media since mid-April. The blackout coincided with Roaring Kitty exercising his call options on GameStop, which gave him approximately 200,000 shares, valued at over $50 million. While many took that as a sign of closure for the GameStop saga, it seems as though Roaring Kitty, otherwise known as Keith Gill, is back for more in the latest iteration of the Reddit short squeeze.

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AMC also gained 22.76% on Tuesday alongside GameStop, even as Mudrick Capital disclosed that it was liquidating its entire position at the current premium share price. It remains to be seen if other investment firms will be cashing out their positions, but the ongoing hysteria is a risk that not many institutional investors are willing to take. Videos on Twitter and Tik Tok show some people believe the stock could reach levels over $100,000.00 per share, which points to a bubble that may not end well for some retail investors.

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