GameStop soars as ‘Roaring Kitty’ trader posts huge stock position worth $116 million
meme stocks GameStop is rallying behind speculation Keith Gill, the man who inspired 2021’s epic short squeeze, could now have a huge position in the video game retailer.
Gill, who follows DeepF —— Value on Reddit and Roaring Kitty on YouTube and X, resurfaced on Sunday night, posting screenshots of what may be his portfolio He holds a significant amount of GameStop common stock and call options.
Reddit’s favorite trader holds 5 million GameStop shares worth $115.7 million as of Friday’s closing price, according to an account snapshot posted on Reddit’s r/SuperStonk forum . The account also shows positions in 120,000 call options in GameStop with a strike price of $20, expiring on June 21, and purchased for about $5.68 each. GameStop shares closed Friday at $23.14.
The post was not independently verified by CNBC. Notably, he did not post on the infamous WallStreetBets chat room, where he posted all of his trading updates at the height of the GameStop mania more than three years ago. Even though the username is the same name used.
Around the same time on Sunday night, Gill posted a cryptic photo of an upside-down card in the game “Uno” on X, quickly attracting nearly 30,000 likes.
GameStop shares rose more than 19% on Robinhood’s 24-hour exchange Sunday night, which allows for continuous trading of certain stocks. Shares could surge when premarket trading begins at 4 a.m. Monday.
Gill’s first return to social media three weeks ago sparked a spectacular rally on GameStop that saw shares more than double in May alone. At that time, he just posted a photo of a man sitting in a chair leaning forward, but that was enough to cause a buying frenzy among amateur traders.
GameStop took advantage of the May price surge by raising more 900 million USD from selling shares.
GameStop, YTD
This investor was a marketer for Massachusetts Mutual Life Insurance. In 2021, through YouTube videos and Reddit posts, Gill encouraged a group of retail traders to short hedge funds in GameStop.
The action became so frenzied that at one point brokerage firms including Robinhood had to restrict stock trading because it increased their clearing margins. The mania also led to a series of congressional hearings, including by Gill, surrounding the practices of brokers and gambling in retail trading.
GameStop is still struggling with the transition to online gaming instead of traditional video game purchases, with investors looking to CEO Ryan Cohen to finally reinvigorate the company.
