Reddit shares close near record after two-day rally driven by meme stocks

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Traders work as Reddit's logo is displayed, at the New York Stock Exchange (NYSE) in New York City, U.S., March 21, 2024. Reddit shares popped 7% on Tuesday, climbing for a second straight day after retail traders kicked off a buying frenzy of so-called meme stocks. The stock closed at $62.34, Reddit's second-highest close since its IPO in March. The rally began Monday when "Roaring Kitty," aka Keith Gill, the man who inspired meme stock mania in 2021, resurfaced online, sending shares of GameStop and AMC soaring. Gill shared a picture on X that showed a video gamer sitting forward on a chair. The image is often used by gamers to signal they're taking the task seriously. As of Tuesday's close, the post has been viewed more than 25 million times, according to X. Reddit played a central role in the meme stock boom three years ago, largely due to the forum WallStreetBets, where traders gather to share tips and, in some cases, band together to drive a stock up or down. GameStop mentions ballooned on WallStreetBets on Monday after Gill's post. The image and a series of other cryptic posts were enough to lift GameStop and AMC by more than 100% in the past two trading sessions. Other stocks that have been bunched in with the meme group rose, including BlackBerry , Koss and SunPower .