The GameStop (GME) stock price surged over 19% in overnight trading after Keith Gill, known as “Roaring Kitty,” revealed on Reddit that he’s holding $181.4 million worth of GME stock and call options.
Gill, a key figure in the 2021 GME short squeeze, posted on Reddit via his “DeepFuckingValue” account on June 2, marking his first activity since April 2021.
He shared a screenshot showing his purchase of 5 million GME shares for $115.7 million and an investment of $65.7 million in call options, betting that GME would be at least $20 a share by June 21.
His screenshot indicated a gain of over $9.3 million on his GME holdings, although he was experiencing a loss of nearly $2.5 million on his call options.
Following Gill’s post, GME surged by 19.19% in 20 minutes, reaching $27.58 in Robinhood’s overnight markets.
GameStop closed at $23.14 on Friday, May 31, with shares up 38.8% in 2024, according to Google Finance. This increase appears to be influenced by Gill’s return.
Additionally, Gill posted a cryptic green Uno reverse card to X, adding to the mysterious posts and memes he’s shared since his return in May.
During the COVID-19 pandemic, Gill was seen as a central figure in the GameStop saga, where Reddit traders countered hedge funds shorting the struggling brick-and-mortar game store.
Their actions sent GameStop’s stock price soaring over 1,000% in under a month. Some believe the GameStop short squeeze set the stage for the surge in memecoins like Dogecoin and Shiba Inu after retail investors shifted their focus.
Previously, Gill posted on the r/wallstreetbets subreddit, now famous for its role in the GameStop short squeeze.
However, the forum has since distanced itself from GME content, with moderator “zjz” stating on June 3 that “this is not a GameStop subreddit.”
Gill’s latest post was on the r/Superstonk subreddit, which mainly speculates on GME.
Gill’s previous post on April 16 on r/wallstreetbets showed he owned 20,000 GME shares at a buy price of $55.17 per share, holding a gain of $19.9 million at that time.
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