Topline
GameStop’s annual shareholder meeting Thursday was postponed because of technical difficulties with the livestream, which the hosting company said was overwhelmed by the number of people trying to access the meeting, amid increased craze for the video game retailer after meme stock trader Keith Gill returned to social media.
The company that hosted the stream experienced a “mass amount” of issues as people tried to access ... [+]
Key Facts
GameStop’s shareholder meeting, scheduled for 11 a.m., was adjourned just before noon as the company said the livestream—broadcast on Twitch, YouTube and X, formerly known as Twitter—was experiencing technical difficulties.
Computershare, the financial communications company that hosted the event, received a “mass amount” of issues from people attempting to join the meeting, a customer service representative told Forbes.
The amount of traffic for the meeting likely overwhelmed Computershare’s servers, which were not accustomed to the number of people trying to join, the representative said.
Shares for GameStop have risen nearly 13% to $28.71 as of Thursday afternoon.
GameStop, which has not announced a new date for the meeting, did not immediately respond to a request for comment.
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Big Number
630,000. That’s how many people watched a livestream hosted by Gill—known as Roaring Kitty—on YouTube earlier this month. During the stream, Gil revealed he was holding a $160.4 million position in GameStop, adding he was a “believer” in the retailer.
Key Background
A surge in trading interest for GameStop follows a similar trend spearheaded by Gill in 2021. GameStop’s stock has been volatile since Gill’s return, closing as high as $48.75 and as low as $18.32 in May, including a 30% jump after Gill’s livestream earlier this month, which was quickly erased. According to The Wall Street Journal, the online brokerage E-Trade is considering whether to block Gill from trading on its platform over concerns about stock manipulation. He previously faced scrutiny for his GameStop investments while testifying before Congress, in 2021.
