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Home»EXCHANGE NEWS»Roaring Kitty Strikes Again: Keith Gill Reveals $175 Million GameStop Position, Triggering Share Price Surge
EXCHANGE NEWS

Roaring Kitty Strikes Again: Keith Gill Reveals $175 Million GameStop Position, Triggering Share Price Surge

By Crypto FlexsJune 3, 20243 Mins Read
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Roaring Kitty Strikes Again: Keith Gill Reveals 5 Million GameStop Position, Triggering Share Price Surge
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TLDR

  • Keith Gill, known as “Roaring Kitty” and “DeepFuckingValue,” disclosed a position worth approximately $175 million in GameStop (GME) stock.
  • Gill posted a screenshot on Reddit showing that he owns 5 million GME shares and 120,000 call options expiring on June 21.
  • GameStop shares surged as much as 75% in Monday morning trading following Gill’s post.
  • Gill’s return to social media in May also sparked a rise in GameStop stock, with the company raising more than $900 million from stock sales.

X and individual investor Keith Gill, known as ‘Roaring Kitty’ on YouTube and ‘DeepFuckingValue’ on Reddit, have once again created a frenzy in GameStop (GME) stock after disclosing a massive position in the video game retailer.

On Sunday night, Gill posted a screenshot to Reddit’s Superstonk subreddit showing that he had built up a stake worth nearly $175 million in GameStop.

GME YOLO Update – June 2, 2024

According to the screenshot, Gill owns 5 million shares of GameStop stock, purchased at an average price of $21.274, worth $115.7 million based on Friday’s closing price of $23.14.

He also holds 120,000 call options (valued at $65.7 million) with a strike price of $20 that are scheduled to expire on June 21.

After Gill’s post, GameStop shares surged as much as 75% at the open on Monday before closing about 35% higher. The stock was temporarily halted due to volatility due to significant price movements.

This isn’t the first time Gill’s social media activity has impacted GameStop’s stock price. His cryptic posts about X in May sparked a rally that more than doubled the value of GameStop shares.

pic.twitter.com/YgjVqtgcNS

— Roaring Kitty (@TheRoaringKitty) May 13, 2024

The company capitalized on the increased interest by raising more than $900 million through stock sales.

But some experts warn investors not to chase the rally.

Steve Sosnick, chief strategist at Interactive Brokers, warned that investors should consider whose interests are served by individuals controlling account postings for GameStop.

Gill, a former marketer for Massachusetts Mutual Life Insurance, gained notoriety for his role in the 2021 GameStop short selling.

He encouraged retail traders to buy GameStop stock through YouTube videos and Reddit posts, putting pressure on short-selling hedge funds. The resulting market frenzy led to congressional hearings on brokerage practices and the gamification of retail trading.

Despite renewed interest in GameStop stock, the company continues to face challenges as it transitions from selling offline video games to playing online. Investors are betting on CEO Ryan Cohen to reinvent the company, but the path forward remains uncertain.

Gill’s influence extends beyond GameStop. Some believe GameStop’s short squeeze laid the groundwork for a surge in memecoins like Dogecoin and Shiba Inu, as retail traders turned their attention to other speculative investments.

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