Roaring Kitty" Sparks After-Hours Surge in GameStop Shares with $181.4M Stake Reveal
Summary:
Shares of GameStop (GME) soared 19% in after-hours trading following Keith Gill's (known as "Roaring Kitty") Reddit revelation that he owns $181.4 million in GME stock and call options. Gill, pivotal in the 2021 GME short squeeze, unveiled a screenshot of his purchases and ignited a steep rise in GME's share price. While he appears to have made a profit on his GME holdings, his call options seem to have resulted in a loss. Gill's cryptic online activities continue to have significant influence on GME's share performance.
Shares of GameStop (GME) experienced a dramatic 19% jump during after-hours trading following the revelation by Keith Gill, also recognized as "Roaring Kitty," on Reddit that he owns $181.4 million in GME stock and call options. Gill, infamous for sparking the 2021 GME short squeeze, had been inactive on Reddit under his alias “DeepFuckingValue” since April 2021, resurfaced on June 2. In his post, he displayed a screenshot implying he had bought 5 million GME shares, worth $115.7 million, and invested $65.7 million in call options, predicting that the GME share price would reach or exceed $20 by June 21.
According to the screenshot from Gill’s DeepFuckingValue account, he seems to have made a profit of over $9.3 million from his GME holdings while suffering a loss of roughly $2.5 million on his call options. After he made the post, Robinhood's trading platform reported a 19.19% spike in GME's price within 20 minutes, reaching $27.58. As of close on Friday, May 31, GME was valued at $23.14 per share, marking a 38.8% increase this year, with credit given to Gill's resurgence, as per Google Finance data.
Since Gill's surprise return in mid-May, GME's year-to-date price saw a significant rise. Gill has also been seen posting cryptic memes and posts like a green UNO reverse card since his return, stoking curiosity among followers.
Published At
6/3/2024 5:34:50 AM
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