BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Roaring Kitty is Back: Meme Stock Mania Resurges with GameStop Soaring 58%
GameStop and AMC shares surged by over 40% in pre-market trading on Tuesday, poised to extend yesterday’s significant gains. This resurgence follows the reappearance of trader "Roaring Kitty," the focal point of the meme stock craze, who returned to the internet for the first time in about three years.
At 13:30 in the pre-market session, GameStop shares continued to climb, advancing by 74%, while AMC theaters saw an impressive increase of over 78%.
Other meme stocks were also set to open significantly higher on Tuesday. Former smartphone giant BlackBerry's shares rose by 25% in pre-market trading, and headphone manufacturer Koss saw a 22% increase.
These market movements come on the heels of dramatic gains at the start of the trading week. On Monday, GameStop’s stock skyrocketed by an astounding 74.4%, while AMC shares surged by 78.4% in the previous session.
The meme stock phenomenon appears to have reignited following a recent update on social media from "Roaring Kitty." The trader, whose real name is Keith Gill, posted a meme on the platform X (formerly Twitter), showing a video game player leaning forward in their chair—a sign gamers use to indicate they are taking the game seriously.
This was Gill's first post on the platform since 2021, and it has since garnered over 23 million views. Following his initial post, Gill continued his comeback with a series of short video clips from popular TV shows and movies, although their significance was not immediately clear.
Gill, a former marketer at Massachusetts Mutual Life Insurance, is also known as DeepF------Value on Reddit. He attracted an army of day traders who encouraged each other to pile into brick-and-mortar video game stocks and GameStop call options during 2020 and 2021.
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