Presidential candidate Robert F. Kennedy Jr. said he has purchased $24,000 in GameStop shares in a bid to secure support from the retail trading movement that sparked yet another meme stock rally earlier this month.
Kennedy, who is running as an independent in the 2024 race, expressed solidarity with retail stock traders – who refer to themselves in internet forums as “Apes” – in an X post on Tuesday announcing the investment.
“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 said in the post.
“My administration will support the Ape retail rebellion and enact aggressive Wall Street reforms,” Kennedy added.
The X post also included a pledge to “punish predatory short selling to the moon,” as well as a meme that showed Kennedy holding an eagle with the caption “Apes Together Strong.”
GameStop shares were down about 1% in premarket trading Wednesday. Shares of AMC, another popular meme stock, were flat.
In a separate announcement on Tuesday, Republican presidential candidate Donald Trump’s campaign announced that it would accept cryptocurrency donations from his supporters.
Despite weak financial performance in recent quarters, GameStop and AMC shares spiked last week following the surprise return of “Roaring Kitty” – a retail investor named Keith Gill who played a pivotal role in a campaign to squeeze institutional investors who were short-selling the companies in 2021.
Gill sparked a frenzy by posting a series of memes and clips from popular TV shows and movies on his X account – his first known online activity in roughly three years.
While GameStop shares rallied as much as 110%, the rally had fizzled by the end of the week. GameStop shares are still up about 32% on the year to $22.12 per share, while AMC shares are down 24% year-to-date to $4.65 per share.
