Shares in GameStop soared over 72 percent after internet personality Keith Gill — more conspicuously known by his online persona “Roaring Kitty” — revealed his investment of nearly $116 million of GameStop stock on Reddit.
Gill shared his GameStop position in the r/Superstonk Reddit thread from his DeepFuckingValue Reddit account Sunday night, his first post from the account since April 2021.
The post revealed Gill had purchased a staggering five million shares with the total value of $115.7 million. It additionally showed he had purchased $65.7 million worth of call options.
GME YOLO update – June 2 2024
byu/DeepFuckingValue inSuperstonk
Gill previously sent the volatile “meme stock” price soaring in May, after tweeting a picture of a video game player leaning forward, which, as the post was his first tweet since June 2021, many interpreted as a sign to buy the stock. (RELATED: Hedge Fund That Bet Against GameStop Is Shutting Down)
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Gill purchased the stock at the price of $21.27 per share, his post revealed. The stock sits at $29.27 as of 11:08 a.m. Monday morning. The stock reached a yearly peak of $48.75 on May 14 after Gill’s May 13 tweet, prompting the New York Stock Exchange to issue multiple volatility halts on trading of the stock.
The stock opened at $40.09 Monday morning, according to MarketWatch.
Other meme stocks like AMC and KOSS shot up following Gill’s revelation as well.
Gill was a central figure in the “retail revolution” of small-time investors who drove up the share price of stocks like GameStop because established traders in hedge funds had taken major short positions. He was portrayed by Paul Dano in the feature film “Dumb Money” which dramatized the saga.
