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Independent U.S. presidential candidate Robert F. Kennedy wants to be the new “Caesar” of the “Ape retail rebellion.”
Kennedy on Tuesday disclosed that he invested $24,000 into GameStop stock — which, he says, demonstrates his push against short-sellers, who make money by betting against stocks. The investment comes about a week after GameStop got a huge boost due to a cryptic social media post from one of the internet’s biggest proponents of meme stocks.
Earlier this month, “Roaring Kitty” — the online persona of American investor Keith Patrick Gill, who is known for igniting GameStop’s massive meme stock short squeeze in 2021 — posted on X after a three-year hiatus, sending GameStop stock up as much as 110% and halting trading several times on May 13. AMC and a handful of other stocks also caught the tailwinds of the renewed meme stock frenzy.
Kennedy on Tuesday said that should he pull a miraculous win over his rivals, Republican candidate and ex-president Donald Trump and incumbent Democratic candidate President Joe Biden, his administration would enact “aggressive Wall Street reforms.”
“I’m very aware of what the average retail investor has been saying about the need for greater transparency in our markets, stronger regulatory oversight and tougher penalties for market manipulation and criminal behavior,” Kennedy wrote in a post on X.
Meme stocks are company shares that become wildly popular online and are hotly traded by investors, most of them individual rather than institutional, causing a surge in share price regardless of the company’s actual performance.
GameStop in 2020 became one of the most widely shorted U.S. companies as it continued to close stores and report poor sales. But in January 2021, retail investors led by Redditors retaliated against short-sellers, rapidly increasing the price and volatility of the stock.
Those investors have since referred to themselves as “apes” or “ape nation,” and count AMC CEO Adam Aron — who calls himself a “silverback” — as a member. The name itself is a reference to The Planet of the Apes franchise, which features primates rising up and overthrowing mankind.
GameStop stock currently sits at $21 per share and is down more than 3% in trading Wednesday morning. The stock took a massive blow Friday after the retailer said it expects a big drop in sales for its first fiscal quarter and will be selling off 45 million shares.
-Vinamrata Chaturvedi and Rocio Fabbro contributed to this story.