GameStop Slumps on Share Sale Plan as Gill Makes YouTube Return
- Gill appears on YouTube for first time in three years
- Video-game retailer says it may sell up to 75 million shares
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GameStop Corp. stock tumbled further on Friday after the highly-anticipated return of Keith Gill to YouTube, as well as the video-game retailer unexpectedly releasing earnings and announcing plans to sell up to 75 million additional shares earlier in the day.
The stock sank 39% following Gill’s appearance on the “Roaring Kitty” stream, where he reiterated his views on the stock and confirmed that the massive positions posted on his Reddit account are his. The investor, who has sent shares on a wild ride in recent weeks, praised Ryan Cohen, GameStop’s chief executive and largest shareholder, and expressed faith in the management team’s ability to rework its business.