Roaring Kitty Strikes Again: Keith Gill Reveals $175 Million GameStop Position, Triggering Stock Surge – Blockonomi


TLDR

Keith
Gill,
the
individual
investor
known
as
“Roaring
Kitty”
on
X
and
YouTube
and
“DeepFuckingValue”
on
Reddit,
has
once
again
sparked
a
frenzy
in
GameStop
(GME)
stock
after
revealing
a
massive
position
in
the
video
game
retailer.

On
Sunday
night,
Gill
posted
a
screenshot

on
Reddit’s
Superstonk
subreddit,
showing
he
had
built
a
nearly
$175
million
stake
in
GameStop.

GME
YOLO
update

June
2
2024

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

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Additionally,
he
holds
120,000
call
options
with
a
strike
price
of
$20,
set
to
expire
on
June
21,
valued
at
$65.7
million.

Following
Gill’s
post,
GameStop
shares
surged
as
much
as
75%
at
the
market
open
on
Monday,
before
settling
around
35%
higher.
The
stock
was
temporarily
halted
for
volatility
due
to
the
significant
price
movement.

This
is
not
the
first
time
Gill’s
social
media
activity
has
impacted
GameStop’s
stock
price.
In
May,

his
cryptic
posts
on
X,
triggered
a
rally
that
saw
GameStop
shares
more
than
double
in
value.

The
company
took
advantage
of
the
increased
interest

by
raising
over
$900
million
through
a
stock
sale.

However,
some
experts
warn
investors
against
chasing
the
rally.

Steve
Sosnick,
Interactive
Brokers
chief
strategist,
cautioned
that
investors
should
consider
whose
interests
are
being
served
by
the
individual
controlling
the
account
posting
about
GameStop.

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

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

Despite
the
renewed
interest
in
GameStop
stock,
the
company
continues
to
face
challenges
as
it
transitions
from
brick-and-mortar
video
game
sales
to
online
gaming.
Investors
are
betting
on
CEO
Ryan
Cohen
to
reinvent
the
company,
but
the
path
forward
remains
uncertain.

The
impact
of
Gill’s
influence
extends
beyond
GameStop.
Some
believe
the
GameStop
short
squeeze
laid
the
groundwork
for
the
surge
in
memecoins

like
Dogecoin

and
Shiba
Inu,
as
retail
traders
turned
their
attention
to
other
speculative
investments.

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Author: Oliver Dale


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