The GameStop (GME) stock price surged over 19% in overnight trading after Keith Gill, known as “Roaring Kitty,” announced on Reddit that he holds $181.4 million in GME stock and call options.
Gill’s Significant Position
Keith Gill, a key figure in the 2021 GME short squeeze, reappeared on Reddit’s “DeepFuckingValue” account on June 2 for the first time since April 2021. He shared a screenshot showing he purchased 5 million GME shares worth $115.7 million and invested $65.7 million in call options, betting that GME would be at least $20 a share by June 21.
Impact on Stock Price
Gill’s screenshot indicated a gain of over $9.3 million on his GME holdings, with a nearly $2.5 million loss on his call options. Following his post, GME saw a 19.19% jump in 20 minutes during Robinhood’s overnight markets, reaching $27.58.
Recent Stock Performance
GameStop closed at $23.14 on May 31, with shares up 38.8% in 2024, seemingly boosted by Gill’s return. The GME stock saw a spike in mid-May after Gill began posting on X.
Gill’s Social Media Activity
In addition to his Reddit activity, Gill posted a green Uno reverse card on X, continuing a series of cryptic posts and memes since his return in May.
Historical Context
Gill played a central role in the GameStop saga during the COVID-19 pandemic, where Reddit traders significantly boosted the stock price, disrupting hedge funds shorting the company. The GameStop short squeeze also contributed to the rise of memecoins like Dogecoin and Shiba Inu.
Current Reddit Activity
Gill’s recent post was made on the r/Superstonk subreddit, which focuses on GME speculation. In contrast, r/wallstreetbets, formerly tied to the GameStop short squeeze, has shifted away from GME content. On April 16, Gill posted on r/wallstreetbets that he owned 20,000 GME shares at a buy price of $55.17 each, with a gain of $19.9 million at that time.