Keith Gill Acquires More GameStop Shares Amid Board Membership Rumours
Summary:
Stock investor Keith Gill, famous for the GameStop (GME) short squeeze and known online as "Roaring Kitty" and "DeepFuckingValue," has acquired an additional 4 million GME shares. This brings his total GME holdings to over 9 million shares. This has led to speculation among community members that he may be preparing to join GameStop's board of directors. GameStop's CEO Ryan Cohen's shares when he joined the company matched Gill's current holdings, and the date coincidence between GameStop's yearly meeting and National Take Your Cat to Work Day further fuelled these rumours.
Prominent stock investor Keith Gill, known for his part in the GameStop (GME) short squeeze phenomenon, has increased his ownership of the firm's shares. Popularly identified by his online pseudonyms, "Roaring Kitty" and "DeepFuckingValue," Gill stated on June 13 that he has procured an additional 4 million GME shares. This increases Gill’s total GME holdings to above 9 million shares, estimated to be worth around $262 million based on GME's closing price on that day. Concurrently, Gill also shut down his looming GME call options.
Gill's online followers, observing that his GME holdings had crossed the 9-million-share threshold, began postulating that he might be gearing up for a directorial role in the game firm's board. An investor, referring to a GameStop report, suggested that Gill's additional stake acquisition could potentially make him GME’s fourth-largest shareholder. He further predicted a possible surge in GME's value, potentially up to $200, based on the current momentum of the stock, and anticipates that Gill's board membership could further increase the stock's value.
Jacob Slade, the founding head of Mt. Zion Market Ventures, pointed out that Gill's current shareholding matches that of GameStop CEO Ryan Cohen when he joined the company. Adding to the conjecture was a post on Gill’s verified Twitter account featuring a meme from the popular TV show 'The Office'. Slade proposed that a cryptic hint or "Easter egg" relating to Roaring Kitty was added on GameStop's official website. Furthermore, he speculated that the change of date for GameStop's yearly meeting to June 17th, which coincided with National Take Your Cat to Work Day, might insinuate Gill's impending onboarding at GameStop.
On June 2, GME's stock prices saw a surge as Gill disclosed his colossal $180-million-stake in the firm. Through his Reddit account, Gill announced a $115.7 million investment in GME shares, in addition to $65.7 million in call options. This staggering revelation had a profound impact on the market, triggering a spike in GME's share value. The stock price of GME saw a 19% increase on Robinhood just 20 minutes following Gill's disclosure. As a result, followers began predicting that Gill's shares could potentially amass a billion dollars, considering the after-hours trading rates of $67.50 on June 7. However, they didn't reach that mark. Currently, GME shares are valued at $29 each.
Published At
6/14/2024 3:41:56 PM
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