STORY: Shares of GameStop dropped nearly 40% on Friday after the video game retailer announced a large stock sale to raise up to $3 billion.
This came the same day meme stock influencer Keith Gill known as "Roaring Kitty" held his first livestream in three years.
Gill was the key figure behind an eye-popping rally in the struggling company's stock in 2021, and he won a cult-like following among some investors and notoriety with others.
He told his viewers which numbered more than 600,000 at one point according to a YouTube tally that he believes in the company's CEO Ryan Cohen and his ability to turn the business around.
But Gill also said investors following his lead could "lose it all" and warned that his "aggressive style of investing" wasn't for everyone.
Before his livestream, shares had jumped 50% on Thursday after Gill posted on YouTube about the upcoming broadcast.
Shares of GameStop were halted several times during Friday's session, including during the livestream.
Investors had exchanged over $8 billion worth of GameStop shares as of early afternoon, more than any other stock on Wall Street, except Nvidia, according to LSEG data.
The company earlier said it would sell up to 75 million shares, but did not respond to a request for more details on the timing of the capital raise.
It also released its quarterly results four days ahead of schedule and did not provide details as to the reason for the early release of the earnings report.
