The incredible surge in GameStop's stock on Monday dealt a heavy blow to short sellers.

The incredible surge in GameStop's stock on Monday dealt a heavy blow to short sellers, yet again, with losses nearing the staggering $1 billion mark, according to data from S3 Partners. As GameStop's shares skyrocketed by 74%, hedge funds involved in short-selling faced a substantial mark-to-market loss of $838 million. The catalyst for the sudden surge appears to be "Roaring Kitty," also known as Keith Gill, who stirred up a frenzy back in 2021 when he rallied a mass of day traders to pile into the gaming stock and sent its price soaring, making Wall Street history. Short sellers and hedge funds at the time had a negative outlook on the stock and were forced to cover their short positions. Roaring Kitty, posted a picture on social media platform X on Monday, his first since 2021, of a video gamer leaning forward on their chair, perhaps to signal that he’s taking the game seriously.
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