Rikki Jørgensen
6 days ago

GameStop stock surge propels Roaring Kitty towards billionaire status


Keith Gill, famously known as "Roaring Kitty" and "DeepFuckingValue," is on the brink of becoming a billionaire, thanks to his strategic investments in GameStop stock. As GameStop shares continue to climb, Gill's holdings have surged to nearly $1 billion.

Gill's involvement with GameStop stock first drew widespread attention during the 2021 short squeeze, which saw the stock's value skyrocket.

On June 2, Gill disclosed that he had resumed trading GameStop, this time with an investment of $180 million. This investment comprised $115.7 million in GameStop shares and $65.7 million in call options.

The news sent ripples through the market, leading to a significant uptick in GameStop's stock price.

The impact of Gill's announcement was immediate. Within 20 minutes of his post on Reddit, GameStop's stock price jumped by 19% in Robinhood's overnight markets. Since the announcement, the stock has risen by 118%, closing at $46.55 per share and even reaching $67.50 in after-hours trading.

Market analysts at The Kobeissi Letter have noted that if GameStop opens at its current after-hours price, Gill's position could be worth approximately $1 billion.

This dramatic increase has also significantly boosted GameStop's market capitalization, adding $9.5 billion in just 12 hours and positioning the company among the 400-largest public companies in the United States.

However, Gill's recent trades have not gone without scrutiny.

On June 3, Citron Research, a known short-seller of GameStop, accused Gill of market manipulation. The firm suggested that Gill could not have executed such a large trade on his own, raising suspicions about potential collusion. Citron's criticism centered on the feasibility of Gill's financial capacity to back such a significant position, insinuating that he might be working with undisclosed partners.

In response to these allegations, the Massachusetts securities regulator has opened an investigation into Gill's activities. According to former Chicago Securities and Exchange Commission official Lisa Braganca, the investigation will likely explore whether Gill engaged in market manipulation.

This includes examining his communications on platforms like Reddit and X (formerly Twitter), to determine if there was any illegal conduct or collaboration with others to influence the market.


The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

3 hours ago Federal Reserve Sees Progress on Inflation, Adjusts Rate Cut Expectations The Federal Reserve has adjusted its forecast for rate cuts this year, citing persistent inflation despite recent progress. High borrowing costs are expected to linger, impacting consumers and the broader economy.
5 hours ago Bitcoin Holds Steady as Fed Maintains Interest Rates: A Sign of Economic Caution In a cautious move, the U.S. Federal Reserve opted to keep interest rates unchanged, causing Bitcoin to hold its ground. Read more about the economic implications and market responses here: "The Committee judges that the risks to achieving its employment and inflation goals have moved toward better balance over the past year."
7 hours ago High-Stakes Showdown: Tesla Shareholders Decide on Elon Musk’s $56B Pay Package Tesla shareholders are set to cast their votes on Elon Musk's controversial $56 billion compensation package, a decision that could have far-reaching consequences for the company.
11 hours ago USDMXN: A Golden Opportunity USDMXN: A Golden Opportunity Amid Mexican Election Sell-Off, Says Steno Research Analyst
1 day ago EU's New Tariffs on Chinese EVs Hit Tesla and BYD Stocks! Tesla (TSLA) and BYD (1211) Stocks Plummet After EU Tariff Announcement
1 day ago Macro Mondays: Escaping the TRAP of Sideways Markets Andreas Steno, Mikkel Rosenvold And Mads Eberhardt talk macro and crypto
1 day ago EU launches trade war with China In a bold move that has sent ripples through global markets, the European Union has effectively launched a trade war against China. This decision, announced just three days after the European Parliament elections, raises significant questions about the influence and timing of the EU’s legislative body.
1 day ago July Bloodbath: Metals Set for Major Crash? Brace yourselves for a tumultuous July in the metals market! Industry experts are sounding the alarm as cluster risks in metals like gold, silver, and copper threaten a significant downturn. Here's why July could spell disaster for metal investors.
1 day ago 5 Stories To Invest in for Emerging Markets 5 Stories that might interest you if you're into investing in Emerging Markets