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The Stock Price of Gamestop Jumped 30% After 'Roaring Kitty' Trader Posted Account Showing $116 Million in Trading

June 3, 2024
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GameStop's stock surged on Monday, driven by speculation that Keith Gill, the influential trader behind the 2021 short squeeze, might hold a significant position in the video game retailer. The shares jumped about 30%, trading around $30.26, after experiencing a brief trading pause on the NYSE due to volatility. The stock had initially soared more than 70% at the market's opening.

Gill, known on Reddit as DeepF------Value and on YouTube and X as Roaring Kitty, reemerged Sunday night, posting a screenshot purportedly showing his portfolio with a substantial amount of GameStop common shares and call options. According to the snapshot shared on Reddit's r/SuperStonk forum, Gill holds 5 million GameStop shares valued at $115.7 million based on Friday’s closing price. Additionally, the account displayed a position of 120,000 call options for GameStop with a $20 strike price, expiring on June 21st, purchased at approximately $5.68 each. GameStop shares closed at $23.14.

This post has not been independently verified by CNBC. Interestingly, Gill did not share this update on the WallStreetBets chatroom, where he had previously posted during the height of the GameStop frenzy three years ago, although the username remains the same. Alongside his portfolio screenshot, Gill also posted a cryptic image of a reverse card from the game "Uno" on X.

On the same day, shares of AMC also saw a rise, jumping 13% following a 48% increase in May, reflecting a revival in meme stock interest.

Gill's recent return to social media three weeks ago triggered a significant rally in GameStop shares, which more than doubled in May. At that time, he merely posted an image of a man leaning forward in a chair, which was enough to ignite a buying spree among retail traders.

GameStop capitalized on this rally by raising over $900 million through a stock sale in May.

Gill, a former marketer for Massachusetts Mutual Life Insurance, gained fame in 2021 by encouraging a wave of retail traders through YouTube videos and Reddit posts to target short-selling hedge funds in GameStop. This led to extreme volatility, prompting brokerages like Robinhood to restrict trading in the stock due to clearinghouse margin requirements. The frenzy also resulted in several congressional hearings examining broker practices and the gamification of retail trading, with Gill being a key figure.

Despite the recent surge, GameStop continues to face challenges in its transition from traditional brick-and-mortar video game sales to online gaming. Investors are relying on CEO Ryan Cohen to eventually transform the company and navigate this shift successfully.

Valentyna Semerenko
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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