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Roaring Kitty's $180M Investment Reveal Boosts GameStop Shares
Last Updated: June 03, 2024
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Key Takeaways
- GameStop stock jumped over 19% overnight after Keith Gill revealed his $181.4 million GME investment on Reddit;
- Gill's holdings in GME include $115.7 million in shares and $65.7 million in call options;
- His return to social media and renewed interest in GME recall the 2021 short squeeze.
GameStop (GME) stock soared by over 19% during overnight trading after Keith Gill, known as "Roaring Kitty," revealed a significant position in the company’s shares and call options on Reddit.
The Reddit post, his first since April 2021, included a screenshot revealing he acquired 5 million GME shares for $115.7 million and invested $65.7 million in call options, betting the stock would reach at least $20 per share by June 21.
The screenshot shows a profit of over $9.3 million from the GME shares and a near $2.5 million loss on his call options.
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Following the post, GME's stock price surged by 19.19% within 20 minutes, reaching $27.58 during overnight trading on Robinhood.
In addition to his Reddit activity, Gill posted a green Uno reverse card on X, adding to the series of cryptic memes he has shared since his sudden return on May 13.
Gill is known as a key figure in the 2021 GameStop short squeeze, in which a community of Reddit traders challenged hedge funds that were betting against the struggling game retailer. This collective effort sent GameStop’s stock price skyrocketing by more than 1,000% in less than a month.
Some market observers believe the GameStop short squeeze sparked the subsequent surge in memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), as retail investors shifted their focus.
GameStop's overnight rally underscores Keith Gill's influence within the retail trading community and the continued volatility surrounding GME stock.
In other news, Iggy Azalea's memecoin MOTHER has recently overshadowed the IGGY token linked to Sahil Arora, who has been accused of scamming.
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