Keith Gill, who is known as the Reddit user responsible for 2021's GameStop meme-stock rally, appeared to have a $116 million stake in the game retailer, causing its share price to surge by more than double.
Gill goes by the username "Roaring Kitty" on YouTube and X, while "DeepF-Value" on Reddit.
$116 Million Stake Allegedly Placed by Keith Gill?
Gill posted a screenshot on Sunday, June 2, showing his five million shares on GameStop at a price of $21.27 each, totaling nearly $116 million. In the photo, there are 120,000 call options with a value of $65.7 million that were set to expire on June 21. However, this could not be confirmed.
It had been three years since the account had last been posted.
Prior to Monday's market opening, shares of GameStop increased by as much as 105%, as reported by Bloomberg. The market valuation of the stock would increase by almost $8 billion if premarket gains are sustained.
Stocks in other industries that individual investors are interested in also saw gains. The following companies saw greater premarket trade: SunPower, Beyond Meat, Reddit, BlackBerry, and AMC Entertainment.
On Sunday night, Gill also shared a mysterious image of an Uno reverse card on X. Even without a caption, the post swiftly gained around 58,000 likes.
GME YOLO update – June 2 2024
byu/DeepFuckingValue inSuperstonk
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'Roaring Kitty' and His Influence on Amateur Traders
GameStop's share price skyrocketed after Gill's initial social media appearance three weeks ago, with the stock doubling in value in May alone. Amateur traders went into a purchasing frenzy when he shared an image of a guy leaning forward on a chair.
A stock sale by GameStop brought in almost $900 million, capitalizing on the rise that occurred in May, according to CNBC.
In 2021, Gill incited a group of retail traders to push out GameStop's short-selling hedge funds via videos he uploaded to YouTube and posts he made on Reddit.
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