Speculation of 'Roaring Kitty' Trader's $116 Million Position Causes GameStop Shares to Surge
- GameStop shares surged as speculation arose about 'Roaring Kitty' trader Keith Gill's $116 million position.
- Meme stock GameStop experienced another speculative increase in trading activity.
- Investors closely monitor Keith Gill's potential large stake in the video game retailer.
Keith Gill, also known as DeepF------Value on Reddit and Roaring Kitty on YouTube, shared a picture of his GameStop investments on Sunday. He owns 5 million GameStop shares worth $115.7 million and 120,000 call options. These options have a strike price of $20 and expire on June 21. The post was seen on Reddit's r/SuperStonk forum. Gill did not post on WallStreetBets this time, where he used to share his trades. On the same night, he posted a mysterious picture on X. GameStop's shares rose by 19% on Robinhood's 24-hour exchange. This could lead to a significant increase in the stock price when trading starts on Monday. Gill's return to social media three weeks ago caused GameStop's shares to double in May. He triggered a buying frenzy among amateur traders by posting a simple picture. GameStop took advantage of this surge by raising over $900 million through a stock sale. Gill, a former marketer for Massachusetts Mutual Life Insurance, used YouTube and Reddit to encourage retail traders to challenge hedge funds shorting GameStop. This led to trading restrictions by brokerages like Robinhood due to the stock's volatility. GameStop is facing challenges in shifting to online gaming from physical stores. Investors are hopeful that CEO Ryan Cohen will transform the company.