GameStop shares soar after 'Roaring Kitty' posts on X

GameStop shares soared more than 70% on Monday after "Roaring Kitty," a key figure behind the stock's so-called Reddit rally in 2021, reemerged on X and posted a drawing after a three-year break from social media.

The stock surged after Keith Gill, known as "Roaring Kitty" posted a picture of a man leaning forward in a chair, appearing to be holding a gaming controller.

GameStop shares were repeatedly halted for volatility during the morning amid a rise in the stock's share price, which at one point was up more than 77% to $30.97.

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The surge puts the stock on pace for its largest percent increase since Feb. 24, 2021, when it rose 103.94%.

The sketch Gill posted Sunday is a popular meme among gamers that indicates things are getting serious. It is his first post on X, previously Twitter, after being notably absent on social media platforms since mid-2021.

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The so-called Reddit rally saw shares of GameStop surge as much as 21-fold over two weeks in January 2021 before crashing to pre-surge levels in the subsequent days.

Reuters contributed to this report.