In a troubling turn of events, GameStop shares experienced another significant decline for the second consecutive session on Monday, following stock influencer Keith Gill's recent return to YouTube. Gill, popularly known as "Roaring Kitty," held his first livestream in three years on Friday, coinciding with GameStop's announcement of a second share sale. Despite the anticipation surrounding Gill's appearance, it failed to generate renewed investor interest in the struggling shopping mall retailer.

During his livestream, Gill joked about memes and injected various disclaimers while discussing GameStop, attracting an impressive viewership of over 2.4 million on YouTube by Monday. However, these efforts were unable to reverse GameStop's misfortunes, as the company's shares plummeted by roughly 15% to reach $24.06 on Monday, following a steep drop of nearly 40% on Friday when the company reported a decline in quarterly sales.

In addition to the disappointing performance of GameStop stock, the company made headlines on Friday with the announcement of its intention to sell up to 75 million shares, just days after successfully selling 45 million shares and reaping $933 million. Keith Gill, also caught up in the whirlwind, disclosed on social media that he had acquired 5 million GameStop shares at an average price of $21.274. He further revealed his purchase of 120,000 GameStop June 21 call options, valuing them at $5.6754 per contract with a strike price of $20. However, the exact size and value of Gill's holdings have not been independently verified by Reuters.

As of Monday afternoon, the options contracts were being traded at $6.40 per contract, according to LSEG data. The decline in GameStop shares also had a domino effect on other "meme stocks," with AMC Entertainment witnessing a loss of nearly 7% and headphone seller Koss down approximately 4%.

It is worth noting that despite GameStop's meteoric rise earlier this year, predominantly fueled by the online frenzy surrounding Keith Gill's involvement, the company continues to struggle. Customers' shift towards online purchases has resulted in consistent financial losses for the video game retailer over the years, with the most recent quarter being no exception.

Looking ahead, investors remain cautious as they assess the future prospects of GameStop and whether the company can successfully adapt to the evolving retail landscape. For now, GameStop shares find themselves significantly below the heights reached earlier in 2021, with a modest 37% increase recorded so far in 2024.

As the market continues to react to Gill's livestream appearance and GameStop's ongoing challenges, shareholders and analysts eagerly await further developments that could potentially reshape the company's trajectory in the coming months.