Roaring Kitty" on Verge of Becoming First GameStop Billionaire Amid Rally, Short Sellers Suffer Losses
Summary:
Trader Keith Gill, known as "Roaring Kitty", could become the first billionaire from GameStop (GME) stocks if the current rally continues. Gill, who kickstarted the GameStop phenomenon, disclosed holding $181.4 million in GME stock and call options on Reddit. Meanwhile, short sellers including Citron Research are facing major losses, with an estimated total monthly setback of $1.4 billion.
Keith Gill, also known as "Roaring Kitty", could potentially become the first billionaire from GameStop (GME) stock if the recent rally continues. The trader, who is regularly credited for initiating the GameStop phenomenon, has already made over $300 million on his GME stake. Forecasts suggest that if the stock continues its surge, Gill may arrive at billionaire status this week. The projection comes in the wake of Monday's pre-market trading, which saw a significant price surge of over 74% for GME stock.
Interest in GME stock has reignited this week following Gill's Reddit post, mentioning he has $181.4 million in GME stock and call options. According to his post, Gill bought five million GME shares for $115.7 million and has wagered $65.7 million on call options, betting the GME stock to be at least $20 a share by June 21. The GME stock price has increased more than 25% in the previous five days and over 40.5% within the last month.
However, as Gill profits, short sellers face significant losses. S3 Partners, a financial data provider, suggests that short sellers of GameStop have endured a loss of about $1.4 billion from month-to-month. The latest institution to declare a short GME position, Citron Research, suffered from the retail buying frenzy stirred by Gill earlier this year, forcing them to exit their short GME positions with a loss.
Published At
6/3/2024 3:22:23 PM
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