• GameStop's stock soared Monday as much as 118%, its biggest intraday gain in over three years.

• It soared after Keith Gill, aka Roaring Kitty, posted on social media for the first time in years.

• GameStop's massive surge Monday sent short-sellers reeling, creating over $1 billion in losses.

GameStop's stock soared as much as 118% on Monday, representing its biggest intraday gain in over three years.

The stock soared after Keith Gill, also known as Roaring Kitty and DeepFuckingValue, posted on X for the first time in three years.

Shares of GameStop hit an intraday high of $38.20, representing its highest level since August 2022. The stock has since pared its gains to about 76%, trading at just over $30 a share.

Monday's gains in the stock put it on track to print its biggest daily gain since February 24, 2021, when the meme stock surged 104%. These gains would represent GameStop's fourth-largest daily gain in its history.

The stock has been stuck in a consistent downtrend since it peaked in January 2021, when Gill originally sparked the historic short squeeze that led him to testify in front of Congress and ultimately inspired a book and movie called "Dumb Money."

Before Monday's surge, shares of GameStop were down 86% from its January 2021 record high. Since April 12, shares of GameStop are up 164%, creating massive losses for short-sellers.

More than 64 million shares of GameStop were sold short before Monday, representing about 24% of the share float. That's leading to massive losses of more than $1 billion for short-sellers, according to data from S3 Partners, and it could be fueling the rally in the stock as short-sellers have to buy back the stock to close out their bearish bet.

GameStop's stock wasn't the only meme stock soaring Monday. AMC Entertainment's stock jumped 44% and crypto meme tokens that reference Gill or GameStop surged thousands of percentage points.

Read the original article on Business Insider