RFK Jr. Buys $24K GameStop Stock, Joins Meme Stock Craze

Robert F. Kennedy Jr. has joined the meme stock frenzy, revealing that he purchased $24,000 worth of GameStop stock, appealing to the social media-driven community of investors known for their interest in stocks like GameStop.

Kennedy, a third-party presidential candidate, made the announcement on Tuesday, stating that he bought approximately 1,200 shares of GameStop. His decision to invest in GameStop, like many others involved in the recent surge of interest in the stock, appears to be more about making a statement against institutional investors, particularly those involved in short selling.

Short selling is a trading strategy where investors bet against a company’s success, profiting if the stock price falls. Kennedy expressed support for what he called the “retail rebellion” and pledged to “punish predatory short selling to the moon” if he wins the presidency. The phrase “to the moon” is a nod to the popular meme culture on forums like Reddit’s WallStreetBets, which is known for its influence on stock prices.

Kennedy’s announcement had a modest impact on GameStop’s stock price, which rose more than 4% in the hour following his statement. However, given the stock’s high volatility, it’s unclear if Kennedy’s purchase was the sole factor behind the increase.

Kennedy’s foray into GameStop comes amid a broader trend of public figures and politicians investing in meme stocks. Former President Donald Trump, who is also the GOP’s presumptive nominee for the November election, has a significant stake in Trump Media, the parent company of Truth Social, which experts consider a meme stock due to its volatile valuation.

GameStop’s stock has experienced significant fluctuations, with shares down about 67% from their recent peak. Kennedy’s investment adds to the intrigue surrounding meme stocks and their impact on the financial markets.